President Muhammadu Buhari has approved the disbursement of N18.2 billion to each of the 36 States in Nigeria from the fresh N656 billion bridge financing facility.
The fund is expected to help the state governments meet financial obligations, especially the previous budget support facility due for repayment.
This was disclosed yesterday at the National Executive Council’s (NEC) virtual meeting which was presided over by Vice President Yemi Osinbajo, with state governors, Federal Ministers, the Central Bank Governor, and other senior government officials in attendance.
The Minister of Finance Budget and National Planning, Dr. Zainab Ahmed, informed the Council in a statement that the bridge facility was being processed by the Central Bank of Nigeria (CBN).
The fund would be disbursed in six tranches over six months to the states.
“The facility is to help the States afford the repayment of previous bailout facilities guaranteed for them by the federal government,” it added.
