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Home In achievements of Buhari's Administration's:.........FISCAL SUPPORT TO STATES The Buhari Administration...

In achievements of Buhari’s Administration’s:………FISCAL SUPPORT TO STATES The Buhari Administration has extended more than N2 Trillion Naira in bailout packages to State Governments…!

FISCAL SUPPORT TO STATES

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The Buhari Administration has extended more than N2 Trillion Naira in bailout packages to State Governments, to enable them to meet their salary and pension obligations, especially in the face of dwindling oil revenues in the first 3 years of the Administration. The support has come in the form of the following:

Budget Support Facility (Total of N614 billion extended to the States.

Paris Club Refunds ($5.4 billion)

Infrastructure Loans

Loan Restructuring for Facilities with Commercial Banks: In 2015, the DMO restructured Commercial Bank loans with a total value of N575.516 billion for 23 States to reduce the debt service burden on the states. In exchange for their loans to State Governments, the banks were issued 20-year FGN Bonds at a yield of 14.83% per annum. The Restructuring Exercise benefited the States through:

Reduction in the monthly debt service burden of States from between 55% to 97% for various States;

Interest rate savings for the States ranging from 3% to 9% per annum;

The longer repayment period for the loans now converted into Bonds; and,

Freeing up of needed cash to run the machinery of Government.

KATSINA CITY NEWShttps://www.katsinacitynews.com
Danjuma Katsina, Dan Jarida, Manazarci, Marubuci, Mamallakin Jaridun KATSINA CITY NEWS, JARIDAR TASKAR LABARAI, THE LINKS NEWS, a karkashin Kamfanin MATASA MEDIA LINKS NIGERIAN LTD

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