The National Economic Council, NEC, said President Muhammadu Buhari has approved a new naira 656 billion bridging funding mechanism for the 36 states.
Zainab Ahmed, Minister of Finance, Budget and National Planning, revealed this Thursday during a virtual NEC meeting chaired by Vice President Yemi Osinbajo and anchored from the Presidential Villa, Abuja.
The minister said the aid was aimed at helping state governments meet their financial obligations, especially the previous budget support facility due to be repaid.
According to Ahmed, each state will receive 18.2 billion naira.
Ms Ahmed said the bridge facility was being processed by the Central Bank of Nigeria, CBN.
“The approved naira 656.112 billion bridging facility will be disbursed in six installments over a six-month period to the states.
“Each of the 36 states is expected to have a total loan amount of N18.225 billion; with a term of 30 years and a 2-year moratorium at an interest rate of nine percent.
“The facility is to help states afford repayment of previous rescue facilities guaranteed to them by the federal government,” she said.
On July 15, the board received updates on the State Budget Support Facility.
At this meeting, Ms. Ahmed informed NEC that deductions for reimbursement of previous rescue facilities would begin soon.
Subsequently, states sought additional support leading to the idea of bridging funding.
Meanwhile, the executive director of the National Primary Health Care Development Agency, NPHCDA, Dr Faisal Shuaib, briefed the council on the status of the COVID-19 vaccine rollout in the country.
Mr Shuaib said Nigeria received more than 100 million doses of COVID-19 vaccines from COVAX, AU and some countries, which was enough to scale up vaccination to around 50% of the population. targeted.
“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 immunize 50 percent of Nigerians aged 18 and over by January 31, 2022,” he said.
The boss of the NPHCDA added that there would be an expansion of more than 3,000 health facilities nationwide.
Dr Ifedayo Adetifa, Managing Director of the Nigeria Center for Disease Control, NCDC, also made a presentation to the board.
He said Nigerians must continue to maintain and support the COVID-19 response, especially as it has entered the holiday period where there will be travel within and outside the country. and mass events to herald the holiday season.
“The country should maintain the visibility of the epidemic by carrying out tests, continuing to encourage compliance with public health and social measures, to encourage vaccination and to fight against vaccine hesitation,” a- he declared.
He added that the Delta variant of COVID-19 was still the dominant strain of concern in the country.
NAN
