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CBN to Provide States with Loans to Pay Outstanding Workers’ Salaries

NAN

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Godwin Emefiele - Bella Naija

The Central Bank of Nigeria (CBN) has approved the request by Deposit Money Banks (DMBs) to provide financial accommodation to state governments to enable them to pay the backlog of salaries of their workers.

This is contained in a statement on Wednesday in Abuja by the Director, Corporate Communications, CBN, Mu’azu Ibrahim.

According to the statement, the approval was based on the CBN’s decision to collaborate with relevant stakeholders to consider ways of liquidating the outstanding staff salaries owed by state and local governments.

“The conditions for accessing the loan facility include State Executive Council authorisation, state House of Assembly consenting to the loan package, as well as issuance of Irrevocable Standing Payment Order (ISPO) to ensure timely repayment.

Out of the 27 states involved, funds have been disbursed to two states namely Zamfara and Kwara states that met the requirements as agreed with their respective banks.

“Efforts will be made in the coming days to conclude disbursements to other states so that all outstanding salaries to civil servants can be cleared,” it stated.

The News Agency of Nigeria (NAN) was established by the Federal Government of Nigeria in May 1976 to gather and distribute news on Nigeria and cover events of interest to Nigeria at the international level for the benefit of the Nigerian Media and the Public.

3 Comments

  1. Fasholaslover

    August 27, 2015 at 11:07 am

    APC Govs make una take the money pay salaries o. This is not the time to buy Range for the girls.
    Oshiomole the Minister for thief catching, we don’t want to hear the money for Edo grew wings and vamoosed to India. I hope you have stopped importing indian Pikolos now that you are married.

  2. john ikechukwu

    August 27, 2015 at 12:36 pm

    Hmmm, at last civil and gov worker’s can have hope of having thier 2mouth salaries out of the 1y salary owend, at least

  3. Malam Bagu Bukkuyum

    August 30, 2015 at 7:46 pm

    That is good move we are severely pray to president buhari may god help him better lead and made our governors to fully fulfilled their promises include workers improvement and others important things.

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