NLNG Corporate Teamwork banner First bank campus storm Fidelity bank card banner Emerald Energy Institute Camano banner

Presidency clears the air on source of bailout •Says Jonathan’s oil savings intact

By News Express on 07/07/2015

Gmail icon

Views: 2,925


The Presidency this afternoon denied reports in sections of the media today that funds will be drawn from the Excess Crude Account (ECA) for the relief package approved yesterday by President Muhammadu Buhari for states and local governments.

A statement by Special Adviser to the President (Media & Publicity) Femi Adesina clarified that the measures approved by President Buhari to deal with the problem of unpaid public sector salaries in many states are as follows:

•The sharing of the $2.1 Billion dividend paid to the Federation Account by the Nigeria Liquefied Natural Gas Company (NLNG);

•A Central Bank-packaged special intervention fund that will offer financing to the states, ranging from N250 Billion to N300 Billion. This will be a soft loan available to states for the purposes of paying backlog of salaries; and

•A debt relief programme designed by the Debt Management Office which will help states restructure their commercial loans currently put at over N660 Billion, and extend the life span of such loans while reducing their debt-servicing expenditures.

“The measures approved by President Buhari definitely do not include drawing down the remaining balance in the Excess Crude Account or the ‘liquidation’ of the account as some media outlets have wrongly reported,” Adesina said.

“No such decision has been taken or approved by President Buhari, and last week’s meeting of the National Economic Council clearly concluded that the Excess Crude Account should be left untouched at this time,” the Presidential Spokesman added.

•Photo shows Adesina.

Source News Express

Posted 07/07/2015 2:16:38 PM

 

 

CLASSIFIED ADS

 

You may also like...
Military condemns suicide attacks in North East

Thousands of Muslims reportedly turning to Christ in...

The Eagle Online announces short break, promises better...

APGA will win Anambra guber poll easily: Okogbuo...

Corruption: Rwanda recommends online assets declaration for Nigeria...

Oil Theft: Navy arrests 30 ships, warns Commanders...

IABC names Nigerian media scholar Ikiebe in first...

Forgive me for my comments, misbehaviour, Father Mbaka...

Britain appoints new Ambassador to Nigeria

Kogi Supplementary poll: Yahaya Bello in early lead...

Masari wins re-election in Katsina, PDP rejects result...

Buhari, Malami, Emir Sanusi blamed for Nigeria’s $9.6bn...

 

Latest News Gunmen storm school, kidnap siblings Ex-Head of State Aguiyi Ironsi’s son dies in Umuahia Court orders FG to pay dismissed soldier N10m compensation 5 gunned down, scores injured as robbers dare Obiano, storm Onitsha 24 hours after launch of Operation Kpochapu IV FG, Labour leaders meet again over implementation of N30,000 minimum wage Air Force bombs Boko Haram’s meeting venue in Borno Federal lawmakers sing discordant tunes on 2020 budget Court remands 72-yr-old man for allegedly raping, impregnating daughter Without a new constitution, Nigeria will be burning in five years, says Clarke Breastfeeding prevents cancer, not breast sucking by men – Expert FG bans import, export of all goods at land borders Over 2,000 private schools shut in Niger State

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (550,526 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (447,167 views) Shameless Genevieve Nnaji exposes breasts in public (394,626 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (330,478 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (298,783 views) 10 cars more expensive than Jets (263,079 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (255,963 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (253,213 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (234,681 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (220,817 views) Lagos plane crash: Journalist releases victims’ names (198,421 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (195,671 views)

 

CBN milk production

CBN banner advert

UBA Wise Savers Promo

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (104) Business & Economy (4,488) Business Verdict (85) Columnists (1,127) Complaints & Requests (96) Enterprise & Opportunities (217) Entertainment (689) Features (829) Global Business Monitor (463) ICT Monitor (65) International (4,070) Interview (204) Live Commentary (30) Love Matters (174) Maggie's Blog (444) News (52,621) Opinion (1,393) Pidgin (17) Politics (11,564) Religion (1,110) Sports (2,193) Stock Watch (39) AMA & Al Jazeera Global Update

 

 

 

 

 

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera