President Muhammadu Buhari’s led government have announced a loan worth eighty billion naira to 36 States of the Federation.
States can access the funds as bonds through the Nigerian stock exchange.
According to the the Minister of Finance, Mrs. Kemi Adeosun, “The eighty billion naira will be accessed by the states in two phases.
“States can get the money upon fulfillment of a 22-point reform agenda outlined in a fiscal sustainability plan aimed at repositioning Nigeria’s economy on the path of sustainable growth.
“Every state remains a center of prosperity and as a result, the federal government is developing a broad based economy with productive activities in every region and state especially in their areas of comparative advantage.
“In achieving this, states must begin to look inwards while partnering with the private sector.
Mrs. Kemi disclosed this at a stakeholders meeting with commissioners of finance from the thirty six states of the federation.
She emphasized that the credit facility is aimed at developing a broad based and people oriented economy.
In reaction, the Jigawa State Commissioner for finance assured the Federal Government that states are already re-strategizing to achieve economic diversification.