Nov 28, 2021

Mawazo Writing Africa

Writing about the main

FG Gives N656 Billion Financial Support to 36 States, As Each State Will Receive N18 Billion

  • The Central Bank of Nigeria is currently processing a bridging loan of N656 billion for the state governments, which will be spread over 6 months
  • The fund was approved by President Buhari to allow states to meet their financial obligations, with each state receiving N18 billion.
  • The federal government is also accelerating the adoption of COVID-19 Vaccines to 50% of a. to reach target audience

FCT, Abuja – To help state governments meet their financial obligations, in particular the previous budget support facility due for repayment, President Muhammadu Buhari approved a new bridge finance facility of N656 billion for the 36 states. Each state would receive N18.2 billion.

This was announced on Thursday, November 18, at the meeting of the National Economic Council (NEC), the virtual was held by Vice President Yemi Osinbajo, in the presence of Governors, Ministers, the Governor of the Central Bank of Nigeria (CBN) and other senior government officials.

The Minister of Finance and National Planning, Dr Zainab Ahmed, informed the city council that the bridge facility is now being worked on by the CBN.

The approved bridge facility of N656.112 billion. will be paid to states in six tranches over a six-month period.

It is expected that each of the 36 states will have a total loan amount of N18.225 billion; with a term of 30 years and a 2-year moratorium at an interest rate of 9%.

The facility is intended to help states guarantee the repayment of previous bailouts from the Federal Government.

Also at today’s NEC, the Executive Director / CEO of the National Primary Health Care Development Agency (NPHCDA), Dr. Faisal Shuaib, the Council on the Status of the COVID-19 Vaccine Adoption in the Country.

Dr. Shuaib noted that Nigeria received over 100 million doses of COVID-19 vaccines (from COVAX, the African Union and other countries), which he believes are enough to speed up vaccination for about 50 percent of the target population.

He added:

“The total population of Nigerians eligible for the vaccine is over 111 million. Given the availability of vaccines, we have begun vaccinating 50 percent of Nigerians 18 and over by January 31, 2022. ”

In his presentation to the Council on State Performance Report on COVID-19, the Director General of the Nigeria Center for Disease Control (NCDC), Dr. Ifedayo Adetifa said Nigerians need to continue and maintain the COVID-19 response, especially at the start of the holiday season when there is likely to be in and out of the country travel as well as mass events to usher in the holiday season.

< p class = "align-left"> The DG, NCDC added that the delta variant of COVID-19 is still the predominant concern in the country.

NEC: States, FG pay compensation to victims of # EndSARS protests

Remember that the NEC met on Friday October 15th where it was decided that the federal government should be the victims of the # EndSARS protests Will pay compensation.

In view of the current security situation in Nigeria, the council urgently advised against planned protests on the occasion of the # EndSARS anniversary.

NEC asked organizers to consider other options n while they presented their resolutions to resolve the issues raised.

CBN supports Nigerian students and graduates

In the meantime, the CBN has taken a big step to ensure that graduates and students in Nigeria are financially empowered.

Apex Bank recently announced that it will expand its support for youth in colleges with grants.

The bank announced that it would distribute N500 million to five leading Nigerian colleges and universities with the best ideas to promote their businesses.