Central Bank Begins Disbursement Of Funds To States To Clear Salary Arrears Owed To Workers!

This follows the decision by the National Executive Council (NEC) at it's meeting of 29th June, 2015 requesting the Central Bank of Nigeria, in collaboration with other stakeholders to apprise and consider ways of bailing out states owing workers salaries. 

Resolutions of the State Executive Council authorizing the borrowing and State House of Assembly consenting to the loan package, as well as issuance of Irrevocable Standing Payment Order (ISPO) to ensure timely repayment are conditions for accessing the loan facility.