All Categories:

Want Your Song On Naijatabs? Contact us At
08093760600 | BBM:

« | »

President Buhari Approves N400bn For Workers Salaries

Download Buhari campaign photos NL 600x392 President Buhari Approves N400bn For Workers Salaries mp3 mp4

President Muhammadu Buhari has approved a comprehensive relief package valued at over N400bn 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 (N413.7bn) 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 N250bn to N300bn.

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 N660bn, and extend the life span of such loans while reducing their debt-servicing expenditures.

Source: Vanguard

ALSO READ  MTN Nigeria Fine Increased To $3.9 Billion After Regulator Error


Categories: News

No Responses Yet

Leave a Reply

« | »