Buhari approves N656bn Bridge Financing Facility for states

President Muhammadu Buhari has approved a fresh N656.112 billion Bridge Financing Facility for the 36 states of the federation.

Laolu Akande, spokesman of the Vice President, Prof Yemi Osinbajo, disclosed this in a statement after the National Economic Council (NEC) meeting, in Abuja, on Thursday.

Osinbajo is chairman of the NEC, with the 36 state governors as members.

Akande said each state would receive N18.225 billion with a 30-year tenor, and a two-year moratorium at an interest rate of 9%.

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According to the presidency, this step was taken in a bid to help state governments meet financial obligations, especially the previous budget support facility due for repayment.

Minister of Finance Budget and National Planning, Zainab Ahmed, informed the Council that the Bridge Financing Facility was being processed by the Central Bank of Nigeria (CBN).

The approved Bridge facility of N656.112 billion will be disbursed in six tranches, over a period of six months.