The Central Bank of Nigeria confirmed on Thursday that the three states’ accounts with their commercial banks had been credited with a combined sum of N43.357bn.
According to the breakdown, Osun got N34.988bn; Ebonyi, N4.063bn; and Niger received N4.306bn. The Director, Corporate Communications, CBN, Mr. Ibrahim Mu’azu, said the disbursements were made this week.
“Disbursements were made to Ebonyi, Osun and Niger this week.
Kwara, Zamfara and Imo states last week got N4.320bn, N10.020bn and N26.906bn, respectively.Documentations from other states are being expected,” he stated.
It is expected that some of the remaining 21 states out of the 27 that applied for the N338bn bailout will get the money next week.
The remaining 21 states and the amounts they are to get are: Abia State, N14.152bn; Adamawa State, N2.378bn; Bauchi State, N8.60bn; Bayelsa State, N1.285bn; Benue State, N28.013bn; Borno State, N7.680bn; and Cross River State, N7.856bn.
Others are : Delta State, N10.036bn; Edo State, N3.167bn; Ekiti State, N9.604bn; Enugu State, N4.207bn; Gombe State, N16.459bn; Katsina State, N3.304bn; Kebbi State, N0.690bn; Kogi State, N50.842bn; Nasarawa State, N8.317bn, Ogun State, N20bn; Ondo State, N14.686bn; Oyo State, N26.606bn; Plateau State, N5.357bn and Sokoto State, N10.093bn.
The bailout is a loan repayable by the states to the banks at an interest rate of nine per cent over a 20-year period.
This came after a high-level discussion involving the National Economic Council let by Vice-President Yemi Osinbajo.
The release of the fund followed the restructuring of their debts into bonds by the Debt Management Office at an interest rate of 14.83 per cent of the value.
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