Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


CBN bemoans failure to pay civil workers

07 July 2015, 09:50Okoro Chinedu

Lagos - The Central Bank of Nigeria Governor, Godwin Emefiele, has expressed the Federal Government's concern over the inability of some states to pay their workers.

Speaking in Abuja at the Federation Account Allocation Committee (FAAC)  extra-ordinary meeting, he noted the inability of most states to pay salaries was due to the huge debt they incurred.

Emefiele observed that most States take short term loans for long term projects and servicing their monthly obligations to the banks hampers cash flow, thereby restricting them from payment of salaries.

The CBN Governor also informed the States that the apex bank was willing to assist such states in restructuring the loans owed the commercial banks.

Also Read:Nigerian central bank in no mood to devalue naira

He has directed the affected states to submit to the CBN, on or before Wednesday, the list of their loan obligations and other indebtedness to enable the CBN assist them restructure the loan to a long tenure.

He explained that the assistance by the CBN was in the form of concessionary rates to the interested States.

Emefiele said the CBN will schedule a meeting with the States upon receipt of the required data and expressed optimism that the process will be completed before next week.

He advised recipients of the CBN loans to prioritize salary payment as its first line charge, before meeting other obligations.

- CAJ News

Tags cbn

Read News24’s Comments Policy

Comment on this story
1 comment
Comments have been closed for this article.

Read more from our Users

Nigeria @ 56: Words to my green f...

A leader’s job is not to dictate, but rather to be respected, admired and be a trustee, of the land we love, with so much potential, a land which should be freer than free. Its still a long way to fufilling our destiny! Read more...

Submitted by
Isaac Asabor263
Recession: An opportunity for Nig...

The recession should be seen as an opportunity for the country’s promotion as long as we all collectively conduct ourselves in a patriotic manner, writes Isaac Asabor.  Read more...

Submitted by
Black and White

We want to imitate the whites in everything because we are ignorant of our inherent originality and content. We spend all our Naira to acquire his inventions because we so oblivious of our natural endowments that we allow him have it for free. Read more...

Submitted by
Nate Nat
Adamawa State University Mubi: A ...

ADSU integrity forum has accused the Sunday Joshua Wugira, a lawyer, of adopting unorthodox tactics by abusing his privilege by attacking the integrity of ADSU Vice Chancellor Dr. Moses Zira Zaruwa, writes a News24 reader. Read more...

Submitted by
Abdulsalam Jubril
My Country Nigeria (Part One)

Poetry by Abdulsalam Jubril.

Submitted by
Abdulsalam Jubril
Recession, dearth in leadership a...

Every leader has the opportunity to become great and making himself immortal in the lives and hearts of people for generations to come. Will Mr. President seize this opportunity?, questions Abdulsalam Jubril. Read more...