President Muhammadu Buhari said his administration released a bailout of N1.64 trillion to states and local governments between 2015 and 2017 as part of measures to stabilise the polity.
President Muhammadu Buhari revealed this in a broadcast to commemorate Nigeria’s 57th Independence anniversary on Sunday in Abuja.
He said that the funds were released to enable the states and local governments to “pay outstanding salaries, pensions and small business suppliers who had been all but crippled over the years.
“Furthermore, in order to stabilize the polity, the Federal Government gave additional support to states in the form of State Excess Crude Account loans, Budget Support Facility, and Stabilization Fund Release to state and local government as follows:
“N200 billion in 2015, N441 billion in 2016 and N1 trillion in 2017, altogether totaling N1.64 trillion.
“This was done to enable states to pay outstanding salaries, pensions and small business suppliers who had been all but crippled over the years.’’
The president disclosed that the Federal Government’s current N500 billion Special Intervention Programme targeted groups through the Home-Grown School Feeding Programme and the N-Power Programme as well as providing loans to small-scale traders and artisans.
He said that the intervention programme also covered the Conditional Cash Transfer, Family Homes Fund and Social Housing Scheme.