Africa Business Radio

President Muhammadu Buhari has approved a fresh N656.112 billion Bridge Financing Facility to the 36 States. The vice president’s spokesman, Laolu Akande, in a statement says each state would receive N18.225 billion with a 30-year tenor, and a 2-year moratorium at an interest rate of 9%. The presidency says this step was taken in a bid to help state governments meet financial obligations, especially the previous budget support facility due for repayment. The Minister of Finance Budget and National Planning, Dr Zainab Ahmed, informed the Council that the Bridge Facility is now being processed by the Central Bank of Nigeria. The finance minister had informed the Council that the deductions from State Governments would commence soon as repayment for the previous bailout from the CBN.