Abuja - President Muhammadu Buhari has approved a comprehensive relief package designed to end the lingering crisis of unpaid workers’ salaries in several states of the federation, Vanguard reports.
In addition to the direct cash bailout, the three tiers of government will be sharing $1.7 billion from the Excess Crude Account (ECA), effectively emptying the account meant to shield the economy from exogenous shocks.
A source in the presidency said the president approved a three-pronged relief package that would end the workers’ plight nationwide.
Also read: 'States not asking for bailout but fairness from FG'
He said this entails: The sharing of about $2.1 billion (N413.7bn) in fresh allocation between the states and the federal government.
The second measure, he said, is a Central Bank of Nigeria (CBN)-packaged special intervention fund that would offer financing to the states, ranging from between N250 billion and N300 billion.
Read more at Vanguard
- News 24