Wednesday, September 19, 2018
Advertisement

35 states get N28bn loan to pay salaries — minus Lagos

35 states get N28bn loan to pay salaries — minus Lagos
November 24
13:40 2017
Advertisement

The federal government has given approval for the release of N28 billion as budget loan for 35 states, excluding Lagos which does not need it.

Udoma Udoma, minister of budget and national planning made this known to reporters at the end of the national economic council (NEC) meeting chaired by Vice-President Yemi Osinbajo.

According to him, each state will receive N800 million to meet salary requirements, pensions and other necessities.

Udoma said that President Muhammadu Buhari had mandated the release of the money to the states through the accountant-general.

He said governors of the 35 states expressed appreciation for the loan facility.

“The accountant general reported to the council that approval has been received and Central Bank of Nigeria (CBN) has been directed to pay N800m to each of the 35 states of the federation,” he said.

“Governors expressed appreciation to the federal government for the restoration of the budget support loan facility for July and August 2017.”

The accountant-general, according to Udoma, also briefed the council on the balance in the excess crude account and stabilisation fund account.

As of November 17, balance on both accounts was put at approximately $2.31 billion and N6.69 billion respectively.

RECEIVE ALERTS FROM THECABLE

BBM CHANNEL C0038F78B
WHATSAPP 08113975334
TWITTER @thecableng
Copyright 2018 TheCable. All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from TheCable.
Tags
Advertisement

Social Comments

0 Comments

No Comments Yet!

Let me tell You a sad story ! There are no comments yet, but You can be first one to comment this article.

Write a comment

Write a Comment

Your email address will not be published.
Required fields are marked *

*

Advertisement
Advertisement

Exchange Rates

September 18, 2018USDGBPEUR
INTERBANK360.45480.18420.32
LAGOS360485425
KANO361483423
PH362482423
ABUJA362481423
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
Advertisement
Advertisement
Advertisement
Advertisement