President Muhammadu Buhari has approved a fresh N656.112billion Bridge Financing Facility to the 36 States.

This was disclosed at the National Economic Council (NEC) meeting presided over by Vice President Yemi Osinbajo.

The vice president’s spokesman, Laolu Akande, in a statement issued after the meeting, said each state would receive N18.225billion with a 30-year tenor, and a 2-year moratorium at an interest rate of 9%.

He said the facility was to help the states afford the repayment of previous bailout facilities guaranteed for them by the Federal Government.

He said the Minister of Finance, Budget and National Planning, Dr. Zainab Ahmed, informed the council that the Bridge Facility is now being processed by the Central Bank of Nigeria (CBN).

Akande said the approved bridge facility of N656.112billion would be disbursed in six tranches over a period of six months to the States.