The federal government bonds have been issued to 11 states in order to address fiscal imbalance, the director-general of the Debt Management Office told the National Economic Council (NEC) meeting yesterday.
He said based on President Muhammadu Buhari approval on the plan to restructure bank loans of states into the Federal Government Bonds, 22 states have submitted reports and applied for restructuring as of August 19.
The Debt Management Office chief told the council that his office had requested the states to reconcile figures with the banks and had been jointly authenticated with the banks as of June 30.
The senior special assistant to the Vice President on Media and Publicity, Mr Laolu Akande, in a statement, did not name the benefiting states, but quoted the DMO chief saying out of the 22 states that had applied, the Federal Government Bonds had been issued in respect of the loans of 11 states and that the bonds were issued to 14 banks after submitting the reconciled figures and other required documents for the restructuring.