FRIDAY- 19th November, 2021: The Minister of Finance, Budget and National Planning, Zainab Ahmed, has said that the Bridge Facility is now being processed by the Central Bank of Nigeria.
She disclosed this on Thursday when she informed the National Economic Council, stressing that the approved Bridge facility ofN656.11bn will be disbursed in six tranches over six months to the states.
She further said that each of the 36 states is expected to receive a total loan amount of N18.2bn, with a 30-year tenor, and a2-year moratorium at an interest rate of 9 per cent.
According to a statement issued by the Senior Special Assistant to the Vice President on Media and publicity, Laolu Akande.
The statement was titled “36 states to share N656billion new FG support at N18b each’.
“the Facility is to help the States afford the repayment of previous bailout facilities guaranteed for them by the Federal Government.”
The statement was titled, “36 States to Share N656bn New FG Support at N18b Each”
The Council had on July 15, received updates on the Budget Support Facility to States, where the finance minister had informed the Council that the deductions from State Governments would commence soon as repayment for the previous bailout from the CBN.
