The three-pronged relief package that will end the workers’ plight include:
*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;
*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;
* And a debt relief programme proposed by the Debt Management Office (DMO), which will help states restructure their commercial loans currently put at over N660bn, and extend the lifespan of such loans while reducing their debt-servicing expenditures.
FG, states to share $1.7bn from Excess Crude Account
Meanwhile, the Federal and the 36 states governments have agreed to share $1.7 billion from Excess Crude Account (ECA).
Alhaji Ahmed Idris, Accountant General of the Federation, told newsmen on Monday after a meeting with President Muhammadu Buhari: “Today, we are going to meet. The FAAC is going to meet, and we are going to distribute – as agreed and directed during the NEC meeting last week – and the position is very clear: What we met on ground is what we are going to distribute,” he said.
More details later…