Each state will receive N18.225bn of the fresh N656.112bn bridge financing facility approved for the 36 states of the federation, with a 30-year tenor and a 2-year moratorium at an interest rate of 9 percent.
The facility will be disbursed in six tranches over a period of six months to the states.
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It is to help the states afford the repayment of previous bailout facilities guaranteed for them by the Federal Government.
This was announced Thursday at the National Economic Council meeting chaired by Vice President Yemi Osinbajo.
The Minister of Finance, Budget and National Planning, Zainab Ahmed, informed the council that the facility was being processed by the Central Bank of Nigeria.
The council had on July 15, 2021 had received updates on the budget support facility to states, where the finance minister informed them that the deductions from state governments would commence soon as repayment for the previous bailout from the CBN.
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