₦656bn Bailout To States: Buhari Is A Caring Leader – BMO
The Buhari Media Organisation says the fresh N656 billion bailout to 36 states confirms President Muhammadu Buhari is a caring leader.
A statement on Wednesday by the Chairman, Niyi Akinsiju, and Secretary, Cassidy Madueke, said the latest facility is the fourth in six years.
Each state will get N18.2 billion to help them meet financial obligations and budget support due for repayment.
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 percent.
BMO noted that the presidential gesture was unprecedented and commendable.
“Not even in the oil boom years of the People’s Democratic Party (PDP) did the country witness anything close to this”, the statement read.
It recalled that the first bailout was within the first few months of the Buhari administration when about 27 states could not pay salaries and pensions.
“Another was in 2016 while a third was disbursed in 2017 with President Buhari specifically insisting that Governors should prioritize payment of salaries,” it added.
BMO said the most recent shows Buhari “is so compassionate that he once asked some Governors how they sleep at night knowing that workers salaries had not been paid”.
The body advised Governors to use the N18.2 billion judiciously on projects and programmes that would be beneficial to the people.