The Federal Government has announced that the 36 states of the federation can benefit from a fresh loan facility of N90 billion if they meet certain stringent conditions.
Addressing journalists after a meeting with states’ commissioners for finance, Minister of Finance, Kemi Adeosun, said the loan will cover a period of one year and will be extended to the state governments after they meet 22 stringent conditions put together under the fiscal sustainability plan.
According to her, the loan is in two tranches of 50 billion Naira for three months and 40 billion Naira for nine months.
It would be recalled that the Federal Government had in 2015 given states bailout of about one trillion naira to settle outstanding workers’ salaries.
