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Government converts 11 states’ bank debts to bonds

21 August 2015, 10:04

Abuja - The National Economic Council (NEC) said on Thursday that 11 out of the 22 states which met the criteria for the issuance of Federal Government Bond as part of their loan recovery efforts were cleared to access the facility, Punch reports.

This was the highpoint of the review of the economic activities in the country by the NEC which was presided over by Vice President Yemi Osinbajo at the State House.

The 11 states, which are beneficiaries of the FGN bonds issued to the 14 banks, were among the 22 states who had applied for their commercial loans to be converted to FG bonds as of August 19.

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

Governors Willie Obiano (Anambra), Abdulfatah Ahmed (Kwara), Ibikunle Amosun (Ogun) and Abubakar Badaru (Jigawa) briefed State House correspondents on the outcome of the meeting.

The NEC which is chaired by Vice-President has all state governors as members.

Ahmed said the latest on the terms of restructuring of states’ indebtedness to commercial banks were contained in the presentations made to the council by the Central Bank of Nigeria and the Debt Management Office.

Read more at Punch

- News 24


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