Presidency To The Rescue: Buhari Approves N413.7bn Bailout For Payment of Workers' Salaries

In a bid to end the agony of workers in several states of the country over unpaid salaries, President Muhammadu Buhari has approved a comprehensive relief package designed to salvage the situation.

 

 

In addition to the direct cash bailout, the three tiers of government will be sharing $1.7 billion from the Excess Crude Account (ECA), effectively emptying the account meant to shield the economy from exogenous shocks.

 

A source in the presidency, who spoke on the relief said the president approved a three-pronged relief package that would end the workers’ plight nationwide.

 

He said this entails the sharing of about $2.1 billion (N413.7bn) in fresh allocation between the states and the federal government.

“The money is sourced from recent NLNG (Nigeria Liquefied Natural Gas) proceeds to the Federation Account, and its release was okayed by the president,” the presidency official explained.