President Muhammadu Buhari has approved a comprehensive relief package of N400 billion in a determined bid to offset outstanding workers’ salaries across the states. Specifically, the President reportedly okayed a three-pronged relief package that will end the workers plight.
– 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 N250B to N300B. This would be a soft loan available to states to access for the purposes of paying backlog of salaries.
– A debt relief program proposed by the Debt Management Office, DMO, which will help states restructure their commercial loans currently put at over N660B, and extend the life span of such loans while reducing their debt-servicing expenditures.
Special Adviser to the President on Media and Publicity, Mr. Femi Adesina confirmed that indeed a special package was on the way for the workers. He added that the president is deeply concerned about the plight of the workers who have been unpaid for many months.