Business
FG To Disburse N655bn Bridge Facility Loan To States
The Federal Government has begun the process of disbursing N655.11 billion Bridge Facility loan to states.
The Minister of Finance, Budget and National Planning, Zainab Ahmed, informed the National Economic Council last Thursday, that the Bridge Facility loan is now being processed by the Central Bank of Nigeria (CBN).
According to her, the loan will be disbursed in six tranches over six months to the states.
Each of the 36 states, the minister said, is expected to receive a total loan of N18.2bn, with a 30-year tenor, and a 2-year moratorium at an interest rate of nine per cent.
A statement issued by the Senior Special Assistant to the Vice President on Media and Publicity, Laolu Akande, also has it that the 36 states were to share the N656 billion new Federal Government support at N18b each.
According to the statement, the facility is to help the states afford the repayment of previous bailout facilities guaranteed for them by the Federal Government.
The Federal Executive Council had on July 15, received updates on the Budget Support Facility to states, where the Finance Minister had informed the Council that the deductions from state governments would commence soon as repayment for the previous bailout from the CBN.
Subsequently, the states sought further support leading to the idea of bridge financing.
Also speaking at the FEC meeting, the Executive Director of the National Primary Health Care Development Agency, Dr Faisal Shuaib, informed the Council on the status of the country’s Covid-19 vaccine roll-out.
Shuaib disclosed that Nigeria had received over 100 million doses of Covid-19 vaccines from COVAX, AfricanUnion and other countries, which he said were sufficient to ramp up vaccination for about 50 per cent of the targeted population.
“The total eligible population of Nigerians for the vaccine is over 111 million.
“Given the availability of vaccines, we have started rolling out a plan to vaccinate 50 percent of Nigerians, 18 years and above but January 31, 2022, there would be a scaling up of over 3,000 health facilities nationwide”, he said.
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