Ebonyi State Benefits N4B Federal Government’s Bail-out Funds

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

S/NNAME OF STATESAMOUNT
1AbiaN14.152b
2AdamawaN2.378b
3BayelsaN1.285b
4BauchiN8.660b
5BornoN7.680b
6BenueN28.013b
7Cross RiverN7.856b
8DeltaN10.036b
9EbonyiN4.063b
10EdoN3.167b
11EkitiN9.604b
12EnuguN4.207b
13GombeN16.459b
14ImoN26.806b
15KastinaN3.304b
16KwaraN4.320b
17NasarawaN8.317b
18NigerN4.306b
19OgunN20b
20OndoN14.86b
21OsunN34.988b
22OyoN26.606b
23PlateauN5.357b
24SokotoN10.093b
25ZamfaraN10.020b

 

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