Federal Government’s Bail-out Funds – Ebonyi State government has gotten it’s own share of the set free assets that is meant to to ease the financial challenges faced by the second tier of government, and also to clear the outstanding salary arrears of their workers.
Alhaji Ibrahim Muazu, the Director of Corporate Communications of the apex bank, in his statement, said that Ebonyi State was among the five states that have gotten their own assets from the Central Bank of Nigeria, and other states includes Ekiti, Imo, Ogun and Oyo state.
The apex bank disclose that for a state to receive the fund, the state must submit a resolution of the State Executive Council, SEC, authorizing the borrowing. It must also obtain an approval of the states House of Assembly consenting to it and issue an Irrevocable Standing Payment Order, ISPO, to enable CBN deduct at source when its allocations become available.
Meanwhile the delay in obtaining the funds by some states, was noted that it was due to the terms and conditions placed on it by CBN.
Also other 10 states that received the bailout funds earlier are Kwara, Osun, Zamfara, Niger, Bauchi, Gombe, Abia, Adamawa, Ondo and Kebbi.
Following the NLC statement yesterday, It was reveled that Kogi State got the highest with N50.842 billion, while Kebbi State got the lowest with N690 million.
list of States that have benefited from the rescue finances
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