Breaking news: Buhari approves N400bn for workers’ salaries

Breaking news: Buhari approves N400bn for workers' salaries
President Muhammadu Buhari has approved a comprehensive
relief package valued at over N400bn to put an end to the
lingering crisis of unpaid workers' salaries in the country.
Vanguard gathered that a three-pronged relief package that
will end the workers plight include:
1). 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;
2). 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.
3). And 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.
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