Fresh N90bn Bailout: Seven States Meet FG Conditions

Weeks after the Federal Government announced the N90bn conditional loan facility to be given to 36 states, only seven states have been able to meet requirements stipulated to access the bailout fund.

Investigations showed that majority of the states were struggling to meeting up with the conditions set for disbursement of the loan facility, especially because they lack proper accountability.

A top government official who spoke with Punch stated that documents of the states that had applied for the loan facility were being reviewed by the Federal Government.

The source said barring any last minute change, an approval would be given by the Ministry of Finance to the seven states to access the fund through the bond market.

Some conditions for the loan were that a restriction would be placed on states borrowing from commercial banks; all states must publish their financial statements, budgets and the quarterly budget performance; states finances would no longer be shrouded in secrecy and items like security vote, feeding, travel among others would be made visible. No more secrecy in government money!