Salaries: CBN approves funds for 27 states

CBN Governor Godwin Emefiele

The Central Bank of Nigeria (CBN) has approved the request by Deposit Money Banks (DMBs) to provide financial accommodation to State Governments to enable them pay the backlog of salaries of their workers.
A statement by the CBN

head corporate affairs, Ibrahim Mu’azu yesterday said this is “sequel to the decision by the National Executive Council (NEC) at its meeting of 29th June, 2015 requesting the Central Bank of Nigeria, in collaboration with other stakeholders to appraise and consider ways of liquidating the outstanding staff salaries owed by State and local Governments.”
The statement said the conditions for accessing the loan facility include resolutionsof the State Executive Council authorizing the borrowing and State House of Assembly consenting to the loan package, as well as issuance of Irrevocable Standing Payment Order (ISPO) to ensure timely repayment.
Out of the 27 states involved, funds have been disbursed to two states namely Zamfara and Kwara States that met the requirements as agreed with their respective banks.  
Efforts will be made in the coming days to conclude disbursements to other States so that all outstanding salaries to Civil Servants can be cleared it said.