- The Presidency on Monday said the implementation of the three-pronged financial intervention of President Muhammadu Buhari to states was in progress and states would draw the funds in a matter of weeks.
- This is contained in a statement issued by the Senior Special Assistant to the Vice President on Media and Publicity, Mr Laolu Akande.
- According to the statment, planning meetings are being held between members of the Federation Account Allocation Committee (FAAC) and the Central Bank of Nigeria (CBN) on the one hand.
- The statement added that another meeting was also being held between CBN and commercial banks on the other hand.
- It stated that the meetings were to determine the details of the special intervention fund and the debt relief programme of the President for the states.
- It added that the meetings were reviewing loan profiles of the states, issues around restructuring of existing loans including time span, and reconciling the figures.
“Already, it has been agreed that existing state loans be restructured for 20 years, and regarding the bond option, the rates to be applied will be market-based but with a cap to make it affordable.
“Within weeks from now, the states are expected to start benefitting from two other parts of the presidential intervention,’’ the statement noted.
- It would be recalled that the first part of the intervention was the sharing of about 2.1 billion dollars in fresh allocation between the states and the Federal Government.
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