President Muhammadu Buhari has approved over N400bn to assist States finding it difficult to pay salaries of civil servants.
The relief package include the sharing of about $2.1b (N413.7bn) in fresh allocation between the states and the federal government.
The money was sourced from recent LNG proceeds to the federation account, and its release was okayed by the President.
It was also described as 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, as well as “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.”
About half of Nigerian States have not paid their workers in months.
The fund is expected to be released in few days.
Dailypost reportage
Well done President Bubu!
obi noted
ReplyDelete#GODWIN™
I can only imagine the smile on Okorocha and co. I pray God will punish Governors who touch this money meant to pay salaries from them to their 10th generation IJN.
DeleteSaraki, Aregbesola, Osho and co be warned.
What's with this your obi noted....
DeleteYou this small boy, pls if u don't have anything meaningful to say, then stop commenting. To make matters worse, you are always the first to comment. Are u so dumb?
DeleteFinally. Ironically I was just listening to the LNG logistics as regards the distribution of gas and how we have it in abundance, yet we cannot boast of enjoying the effective use of power.
DeleteLol...a beg Make una leave@Obi alone....
Delete@Stranger....Amen to that!!!!
@Buhari....Weldon... You have done well....I hope they will use the money very well by paying workers and not acquiring more side chicks
@Galore
Nice one...thank God..cant imagine them working without pay
ReplyDeleteOk seen ! Hope our alawee entered d list of payments?
ReplyDeleteMumu copper.
DeleteLMAOOOOOOOO #ela
DeleteHow is she mumy for asking a simple question? Some people just made cyberbullying a profession. mtcheeeeewwwe
DeleteHe should do something about BH too. The killings are getting too much.
ReplyDeleteAll these states that refused to pay workers after collecting Security votes, etc. God go punish una one by one. You all used the money for elections and buying of houses overseas.
ReplyDeleteJust know one thing, you can hide it from man but you cannot hide it from God.
From empty treasury
ReplyDeleteNa wa. Some or most of do not know or understand Hw govt works. Re we aware that a country can run oncredit?
DeleteAnon, how difficult is it for u to comprehend? Didnt u read the fund was sourced from LNG's proceeds to d federation account? Keep quiet and learn to read and understand first before showing how mentally dull u are.
DeleteI thought he said there was no money and that Jonathan left an empty treasury. Can someone please enlighten me?
ReplyDeleteDon't Mind APC still campaining After winning the Election. Mscheew
DeleteAnon 09:21 confuse yourself no further did you not hear that his wifes grand paps was the 1st minister of defence? He obviouly borrowed inhouse, am sure he thinks Nigerians are as naive as in the 80s Baba this is jet age naija you will be rudely shocked. The Nass issue is childs play sir.
DeleteAnd d three of u on this thread are retards. Ur hatred for this man has prevented u from understanding what d post is all about. Didnt u read that the fund was sourced from LNG's proceeds into d federation's account? Are u insinuating that Nigeria has not generated any revenue after d handing over? Use ur head nau and dont allow hatred and bitterness becloud ur sense of reasoning. Wish Buhari failure in his administration and let's see who will be affected more....GMB or d masses(u and I).
DeleteThank God,after 7 month wow
ReplyDeleteGood.
ReplyDeleteThis is nice...God bless and liberate Nigeria...
ReplyDeleteJUST NEGODU!!!!!!!!!!
ReplyDeleteJust negodu!
ReplyDelete400 billion from the empty treasury I suppose?
Did you read all the article at all? To know where fund was sourced from?
DeleteAre you people blindly daft or just ignorant
Jeez
The unintelligent talks I read here is becoming alarming
Something needs to be done to the education sector
Meanwhile 400billion is money? Let's assume he didn't source for fund, Is this money when we have crude oil? Do you even know how much debt the outgoing president left
Lord have mercy
Some parents should seek for refund
Anon, i am just too surprised at d way these people think. I fear for the future of this country with these educated illiterates everywhere. Simple write up, the cant read and understand. Their parents truly need to seek for refund.
DeleteAhahah anonymous I tire o. People do not read before making comments.
DeleteStella, u said welldone? Where did the money come from? Thot he said our treasury is empty? sourced from recent LND proceeds? Central bank-packaged special intervention fund? Buhahahahahahahaha. Nigeria, my country. Jay Moore, I need your help in explaining this biko
ReplyDelete@Jasmine i am neither PMB press secretary or his son LOL but the post is very simple for you to understand. I guess you trying to be sacarstic?well let me explained to the best of my ability. Nigeria being broke does not mean we do not have $1dollar in government account but it means we can not afford to fast-pace development as we do not have much fund in our federal account. We used to have about $36billion before former government took over from Yar Adua but those fund were looted including our missing NNPC fund and government left us in minus. We are currently indebted to the tune of around -$12billion or more.
DeleteNow as workers are unpaid and people are angry government came out with plans to help state government with an approved bailout package of N413.7billion Liquefied Natural Gas which is proceeds between the states and the Federal Government using the revenue allocation plan.
Meanwhile CBN special intervention fund are for states to obtain soft loans to pay salary arrears in the future rather than depending on FGN. While Government is also creating plans with Debt Management Office (DMO), to help states restructure their loans that's over N600billion . I hope i try small.
I doubt if Jasmine will still understand . U may have to speak her local dialect .
DeleteU try. Lolll.
DeleteI thought he said the treasury is empty, where he bring money to release? Whatever anyway! They should hasten d payment cos it's about time.
ReplyDeleteOk nice
ReplyDeleteI pray it get to them
Thank God. So many people have suffered untold hardship cos of non-payment of salaries. I can't even begin to imagine being in that situation
ReplyDeleteCOMING SOON!
THE COUNTDOWN BEGINS!!
JULY 15TH!!!
[Music] LYNDY _ MY HERO [A TRIBUTE TO DR GOODLUCK JONATHAN]
My hero is a tribute to Dr Goodluck Jonathan
appreciating his achievements and efforts
towards making Nigeria great, for being a true democrat and for preserving our peace and unity.
IT DROPS ON JULY 15TH!!!
YOU DON'T WANNA MISS THIS!!!
Follow on twitter: @ Lyndymk
Ah, thank God!
ReplyDeleteTankio veli mush.
ReplyDeleteAre they not slashing salaries again? Some people ger armed robber's salaries for going to fight in house of assembly. Bubu remember the reason you were voted in oh
ReplyDeleteThumbs up to him for this and I hope the money will be given to the right people too
ReplyDeleteDecisive action! Baba, please go slow and make things work.
ReplyDeleteNice move. I love you bubu
ReplyDeleteI thought bubu met a near empty treasury, I thought Nigeria was broke
ReplyDeleteGood to hear.
ReplyDelete40% of the amount will go to ghost workers. I just can't understand why states will employ workers and can't afford to pay them, why employ more people if you truly know you can't afford to pay. The problem with the system is over dependent of states on federal allocation,governors are too lazy to even develop alternative means of creating wealth and state development. Some of the governors do not even have blue print on what to do for their states before they start campaigning for election after sudden win they start drawing plans by then 2 years is gone then they use another 18months to loot their treasury. Same people who can't afford to pay workers are living lavishly but their workers can't afford daily meal. Former Abia state governor owing workers for 9 months,state is undeveloped, crime rate high,roads bad, nothing worked, that man need to be flogged with koboko seriously,he just wasted 8 years of the state resources.
ReplyDeleteBuhari is now a desert that springs water. I thought he claimed to have met an empty treasury, so where is he getting all the money he is throwing around?
ReplyDeleteAm I surprised with ur comment? NO, because u have always looked daft and dull to me. I dont mean to insult you but that's just my impression about u.......and unfortunately,, u proved me right!!!
DeleteFROM THE EMPTY TREASURY ABI??????? WELLDONE PROPAGANDISTS!!!!!!!!
ReplyDeleteGood one. But I thought he said he met an empty treasury?
ReplyDeleteGod bless you Jay moore. Intelligent people like you are a rare breed these days. Lets keep educating all these little minded ones who just stumbled on internet access. If Nigerians read more of news and less of propaganda regularly, they would have noticed all you have written as they happened in the last few weeks.
ReplyDeleteThanks anonymous 12.43, they won't read and comprehend some of them are only good at abusing and cursing at others. Most people that comment constructively here has stopped due to their bullying. The worst part is that most of them abusing their elders are less than 24years but with sharp mouth and hand that can destroy others. Our educational system and bad parental upbringing failed them woefully.
DeleteLWKM.
DeleteJaymoore nwanne.
Jay Moore, now I'm liking you.
Delete@JAY MOORE; I am sure you will soon get a political appointment. We need youths that use their brain cells.Not dull people like calabar chick, jasmine, and co
ReplyDelete...money was sourced from recent LNG proceeds to the federation account.
ReplyDeleteWe're always rich. Don't wanna hear that Naija is broke Bubu.
...money was sourced from recent LNG proceeds to the federation account.
ReplyDeleteWe're always rich. Don't wanna hear that Naija is broke Bubu.
FG should deduct the money from their allocations if not...
ReplyDeleteThank God
ReplyDelete