President Muhammadu Buhari has approved a fresh N656 billion Bridge Financing Facility for the 36 states of the federation.
This is to help state governments meet their financial obligations, especially the previous budget support facility due for repayment.
Each state will receive N18.2 billion, which will be repaid in 30 years with a moratorium of two years at nine per cent interest rate.
This was disclosed in Abuja at National Economic Council (NEC’s) 121st meeting which was held virtually and presided over by Vice President Yemi Osinbajo (SAN).
It was attended by state governors, ministers, the Central Bank governor and other senior government officials.
In a statement issued by the media aide of the vice president, Laolu Akande, the minister of finance budget and national planning, Dr Zainab Ahmed, informed the council that the bridge facility was being processed by the CBN.
The facility will be disbursed in six tranches over a period of six months to the states.
Each of the 36 states will have a total loan of N18.225 billion with a 30-year tenor and a two-year moratorium at an interest rate of nine of per cent.
The loan is to help the states afford the repayment of previous bailout facilities guaranteed for them by the federal government.
On 15th July, 2021, NEC had received updates on the Budget Support Facility to the states. At that meeting, the finance minister said the deductions from state governments would commence soon for the previous bailout from the CBN. Subsequently, the states sought further support leading to the idea of bridge financing.
Also, at NEC, the executive director of the National Primary Health Care Development Agency (NPHCDA), Dr. Faisal Shuaib, informed the council on the status of the country’s COVID-19 vaccine roll-out.
Shuaib said Nigeria had received over 100 million doses of COVID–19 vaccines (from COVAX, African Union, other countries) which, he said, was sufficient to ramp up vaccination for about 50 per cent of the targeted population.
The total eligible population of Nigerians for the vaccine is over 111 million, he added.
He said, “Given the availability of vaccines, we have started rolling out a plan to vaccinate 50 per cent of Nigerians, 18 years and above by January 31, 2022.
“About five per cent of Nigerians have received the first dose while three have received the first and second doses. The agency is rolling out mass vaccination campaigns in densely populated areas like banks, markets and shopping malls and hard-to-reach populations.
“Lagos State has a target of vaccinating four million, while Ogun State has a target of two million before Christmas.
In his presentation on performance report on COVID-19, the director-general, Nigeria Centre for Disease Control (NCDC), Dr. Ifedayo Adetifa, said Nigerians must continue to maintain and sustain the COVID-19 response, especially as it enters the holiday period where there will be anticipated travels within and outside the country, as well as mass events to herald the holiday season.
Adetifa said the country should “maintain visibility of the outbreak by testing, continuing to encourage adherence to public health and social measures, encourage vaccination and address vaccine hesitancy.”
He said the Delta variant of the COVID-19 is still the dominant strain of concern in the country.
The minister of finance, budget and national planning said the Excess Crude Account (ECA) balance as at 15th November, 2021, was $60, 860,309.33; Stabilisation Account N27,103,662,581.25 and Development Account N60, 884,460,981.23
The states were urged to vaccinate at least 50 per cent of its population between now and January 2022.
On NASENI report, the council was called to note that the committee reviewed how states could benefit from the work of NASENI.
The vice president asked the committee to come up with a framework for NASENI’s operations, monitoring, and quarterly updates to NEC.