Buhari approves N400billion for workers’ salaries

President Buhari has approved a comprehensive relief
package valued at over N400bn to put an end to the lingering
crisis of unpaid workers’ salaries in the country. Vanguard
gathered that a three-pronged relief package that will end the
workers plight include:
The sharing of about $2.1b (N413.7bn) in fresh allocation
between the states and the federal government. The money
is sourced from recent LNG proceeds to the federation
account, and its release okayed by the president;
A Central Bank-packaged special intervention fund that will
offer financing to the states, ranging from between N250bn
to N300bn. This would be a soft loan available to states to
access for the purposes of paying backlog of salaries;
And a debt relief program proposed by the Debt
Management Office, DMO, which will help states restructure
their commercial loans currently put at over N660bn, and
extend the life span of such loans while reducing their debt-
servicing expenditures.
Vanguard

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