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CBN accuses states of delaying N338bn bailout

03 September 2015, 15:02

Abuja - The Central Bank of Nigeria (CBN) has blamed states yet to receive their shares of the N338bn bailout for the payment of workers’ outstanding salaries as responsible for the delay, Punch reports.

The Director, Corporations, CBN Ibrahim Mu’azu said the apex bank would approve the release of the funds within 24 hours to any state that had fully complied with all necessary conditions for the loan.

He said out of the 27 state governments that have applied for the funds, only Kwara, Zamfara and Imo states have received the money.

Also read: Buhari approves N804.7bn bailout for states

According to him, a majority of the states are currently working to meet the requirements and as soon as they meet the conditions, they will gain access to the bailout.

President Muhammadu Buhari had earlier approved a comprehensive relief package designed to end the lingering crisis of unpaid workers’ salaries in several states of the federation ranging from between N250 billion and N807 billion.

Read more at Punch

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