CBN Confirms N43.457bn Bailout Pay For Osun, Niger And Ebonyi States

Joseph Bakare/Hyacinth Chinweuba
The Central Bank of Nigeria has confirmed payment of N43.457bn Bailout to Osun, Ebonyi and Niger states to enable them meet their obligations to the people.

The CBN said Thursday that the three states’ accounts have been credited with a combined sum of N43.357bn.

The breakdown shows that Osun got N34.988bn; Ebonyi, N4.063bn while Niger received N4.306bn.

Director, Corporate Communications, CBN, Mr. Ibrahim Mu’azu, said the disbursements were made this week and added that the bank was ready to give approval within 24 hours after the submission of all required documents by the states for accessing the bailout.

“Disbursements were made to Ebonyi, Osun and Niger this week, documentation from other states are being expected,” he stated.

The release of funds to Osun, Ebonyi and Niger states brought to six the number of states that have so far been paid from the N338bn bailout.

Mu’azu said that the approval for the bailout was based on the CBN’s decision to collaborate with relevant stakeholders to consider ways of liquidating the salaries owed workers by state and local governments.

Other conditions for accessing the loans are a resolution of the State Executive Council authorising the borrowing; and the state House of Assembly consenting to the loan package.

It is expected that some of the remaining 21 states out of the 27 that applied for the N338bn bailout will get the money next week.

Kwara, Zamfara and Imo states last week got N4.320bn, N10.020bn and N26.906bn, respectively.

The remaining 21 states and the amounts they are to get are: Abia State, N14.152bn; Adamawa State, N2.378bn; Bauchi State, N8.60bn; Bayelsa State, N1.285bn; Benue State, N28.013bn; Borno State, N7.680bn; and Cross River State, N7.856bn.

Others are : Delta State, N10.036bn; Edo State, N3.167bn; Ekiti State, N9.604bn; Enugu State, N4.207bn; Gombe State, N16.459bn; Katsina State, N3.304bn; Kebbi State, N0.690bn; Kogi State, N50.842bn; Nasarawa State, N8.317bn, Ogun State, N20bn; Ondo State, N14.686bn; Oyo State, N26.606bn; Plateau State, N5.357bn and Sokoto State, N10.093bn.

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