To address the current economic challenges in the country, states have got N373.56 billion under the Central Bank of Nigeria (CBN) Salary Bailout Intervention Facility.
A total of twenty-eight states have benefited from the facility between August 2015 and January 2016.
This was contained in a copy of a paper presented to the National Economic Council (NEC) Retreat by the Minister of Budget and National Planning, Udoma Udo Udoma, obtained by our correspondent.
The paper titled ‘Strategic Implementation Plan for the 2016 Budget of Change’ also disclosed that 23 states had their bank loans amounting to N575.52 billion restructured into 20 years FGN bonds.
Giving an overview of the economy, the Minister noted that external reserves reduced from $37.5 billion in June 2014 to $27.8 billion as at mid-March, 2016.
He also disclosed that the Gross Domestic Product (GDP was less than 5 percent compared to 17 percent in other emerging markets.
According to him, the 2016 Budget is intended to reflate the economy through government expenditure-led growth strategy with emphasis on infrastructure development. Click to signup for FREE news updates, latest information and hottest gists everyday
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