33 states to receive debt service refunds next week

Ugo Okoro

President Muhammadu Buhari says that “by next week, about 33 State Governments would have received the first batch of the Debt Service Refunds I recently approved for payment.”

In a statement released late on Friday, he said “I’ve asked State Governors to make outstanding salaries and pensions, a priority as they receive the 1st installment of their Debt Service Refunds.

This issue of salary and pension debts must be tackled by State Govts with the urgency which it deserves. It must not be allowed to linger.”

President Buhari added that “it was to tackle this issue that I approved, in 2015 and 2016, two sets of bailouts, as well as debt restructuring, for affected States.  In all, we’ve issued close to N400bn in conditional bailout packages to the States, as well as helped restructure N600bn of existing debt.”

He urged the governors to take the issue of salaries and pensions “very seriously.”