Bailout: CBN directs states to submit loan details

Godwin Emefiele CBN Governor

The Central Bank of Nigeria has asked state governments to furnish it with the details of their loan obligations latest today (Wednesday).

The directive was contained in a statement issued late on Monday night by the Federal Ministry of Finance.

The statement said the directive was given by the CBN Governor, Mr. Godwin Emefiele, during an extra-ordinary meeting convened to share the revenue received from the Nigerian Liquefied Natural Gas to the three tiers of government.

According to the statement, N359.37 billion was collected by the Federal Inland Revenue Service and shared among the three tiers of government.

It said the Federal government was allocated N189.32 billion (52.68%); the 36 states got N96.02 billion (26.72%), while the 774 local governments got N74.03 billion (20.60%).

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