CBN Bolts Repayment Time At 20yrs On Bailout Funds

The Central Bank of Nigeria (CBN) yesterday said 19 out of the 27 states of the federation have accessed the bailout funds, and are expected to repay the loans in 20 years.
CBN spokesman, Ibrahim mu’azu, said the decision was approved by the National Economic Council (NEC) and that the beneficiary states which had benefitted from the workers’ salary bailout package are expected to deploy the funds to pay the workers’ salary arrears.
He said contrary to reports that Ogun State had accessed N20 billion, spokesman confirmed that the actual amount is N18.9 billion.
On the tenor of the bailout facility, he said that all the states had a 20-year tenor except Ogun which opted for a 10-year tenor.
Earlier, states like Kwara, Zamfara, Osun, Niger, Bauchi, Gombe, Abia, Adamawa, Ondo and Kebbi had applied for and received various sums from the bailout facility.
Other states included Ekiti, Imo, Ebonyi, Ogun, Plateau, Nassarawa, Sokoto, Edo and Oyo which were granted in the week.

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