FujiPOP Online Magazine

zamfara

Nigeria’s states owe 658 billion naira ($3.3 billion) and one way out of the financial crisis could be for banks to extend loans to them to up to 20 years, Zamfara state governor said on Tuesday.

President Muhammadu Buhari, who said on Monday the country’s treasury was “virtually empty”, said after a meeting with the governors on Tuesday that the government could recover billions of stolen dollars while some money from the Excess Crude Account could be used to cover unpaid salaries.

“The total indebtedness of all the states including FCT (Federal Capital Territory) is put at 658 billion naira. Of course, you know that some of these states are owing salaries, and collected loans from banks,” Zamfara state governor Abdulaziz Yari Abubakar told reporters after the meeting.

Several states obtained loans from the domestic bond market and banks when oil prices were high to fund infrastructure projects. But the…

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