[BREAKING]: Buhari Approves ₦400Bn To Settle Outstanding Salaries

ABUJA, NIGERIA - President Muhammadu Buhari has approved a comprehensive relief package valued at over ₦400bn to put an end to the lingering crisis of unpaid workers’ salaries in the country.

Vanguard gathered that a three-pronged relief package that will end the workers plight include:

• The sharing of about $2.1b (₦413.7bn) in fresh allocation between the states and the federal government. The money is sourced from recent LNG proceeds to the federation account, and its release okayed by the president;

• A Central Bank-packaged special intervention fund that will offer financing to the states, ranging from between ₦250bn to ₦300bn. This would be a soft loan available to states to access for the purposes of paying backlog of salaries;

• And a debt relief program proposed by the Debt Management Office, DMO, which will help states restructure their commercial loans currently put at over ₦660bn, and extend the life span of such loans while reducing their debt-servicing expenditures.

Details later.

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