Nigeria President Muhammadu Buhari has reacted to the current economic situation in the country by releasing some cash to states government to off set its back log salary and pension arrears.
President said, “I have approved the disbursement of 522 billion naira to the State Governments, to enable them pay salary and pension arrears, and put money in the economy.”
The President further added that, “we have stipulated that at least 50% of the funds should be dedicated to salaries and pensions, and we will audit disbursements to ensure compliance.”
The Ministry of Finance is currently processing the first batch of 153 billion naira, which, I am told, will be released to 14 States.
The Ministry will provide more details on how the funds will be disbursed and how we will monitor the utilization to ensure that Nigerians receive the full benefits from their State Governors.
“As I said in my Independence Day Speech, I firmly believe that this recession will not last,” Buhari added.
Further more, concern with the economic crunch in the country, President Buhari said, “we should not allow our temporary problems to blind us from the corrective course this administration is charting for Nigeria. We know what our challenges are and we are working very hard to provide solutions that will last.”
The first batch is expected to be disbursed within the coming days to the first 14 states selected to receive the disbursement.