President Muhammadu Buhari has approved a fresh N656.112 billion Bridge Financing Facility for all states in Nigeria.

Each state will get N18.2billion to help them meet financial obligations, especially the previous budget support due for repayment.

This is part of the outcome of the National Economic Council (NEC) meeting presided over by Vice President Yemi Osinbajo on Thursday.

Governors, ministers, the central bank Glgovernor, and other senior government officials also attended the meeting.

Finance Minister Zainab Ahmed informed NEC that the bridge facility is being processed by the Central Bank of Nigeria (CBN).

The funds will be disbursed in six tranches over six months, with a 30-year tenor and a 2-year moratorium at an interest rate of 9 per cent.

At the NEC meeting on July 15, Ahmed said there would be deductions from state governments as repayment for the previous CBN bailout.

The states subsequently sought further support which brought about the bridge financing.

TodayNG