THERE is reprieve for state governments following President Muhammadu Buhari’s approval of the suspension of deductions of loans and bailout funds
The Coronavirus pandemic has virtually destroyed the world’s economy – draining Nigeria’s oil revenue to the bottom.
It was learnt that the President acceded to the request of the governors to suspend the deductions for one year. This will enable them to cope with the financial challenges posed by COVID-19. “Before the conclusion of negotiation, it was obvious to all stakeholders that about 15 states won’t be able to pay salaries as from the end of June. With all indices at his disposal, the President has granted our demands to suspend domestic debt servicing obligations for one year.”
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