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30 states fail to meet government loan facility requirements

17 June 2016, 14:56

Lagos - 30  states of the federation have  failed to meet the conditions for accessing the N90 billion budget support loan facility, reports Cable.ng

 The federal government intends to offer states at nine per cent interest rate, among other stringent conditions.‎  

Also, one of the states, whose identity was not revealed, has declined to be part of the bailout loan.

Also read:Kogi governor raises alarm over bailout funds

ThisDay reports that the  revelations were made at the end of the national economic council (NEC) meeting presided over by Vice President Yemi Osinbajo.

The 22 stringent conditions demanded by the federal government from states include publishing their financial statements and receiving the bailout in monthly deposits, as opposed to full disbursement upfront as was the case with the 2015 bailout.

The loan will be disbursed starting from the next meeting of the federation account allocation committee (FAAC) meeting.


- News24 Nigeria

Tags finance

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