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CBN Releases Funds To Salary Owing States For Salary Payment.

Dele Akintilo

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The Central Bank of Nigeria (CBN) has granted Deposit Money Banks (DMBs) request to make funds available to States with backlogs of salary arrears  so as to provide financial cushion that will enable them pay their workers.

This approval is pursuant to National Executive Council’s decision during its meeting that took place on June 29, 2015. The meeting was held with other stakeholders and issues relating to salaries owed by various States and Local Governments were appraised as well as means of liquidating the salary arrears.

The conditions precedent to accessing the funds are issuance of Irrevocable Standing Payment Order (ISPO) by each State, submission of resolution of each State’s Executive Council authorizing the borrowing and acceptance of the facility and submission of each State’s House of Assembly’s consent to borrowing and acceptance of the facility.

Report reaching us reveals that Zamfara and Kwara States have received their funds while other States will get theirs after meeting the conditions precedent to accessing the funds.

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