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President Muhammadu Buhari has approved a fresh N656.112 billion Bridge Financing Facility to the 36 States.
A statement issued on Thursday by the Vice President’s Spokesman, Laolu Akande after the National Economic Council, NEC meeting in Abuja disclosed that each state would receive N18.225 billion with a 30-year tenor, and a 2-year moratorium at an interest rate of 9%.
The statement noted that the step was taken in a bid to help state governments meet financial obligations, adding that the approved Bridge facility funds would be disbursed in six tranches over a period of six months to the States.
