Governor Yahaya Bello of Kogi State on Sunday, announced that the Central Bank of Nigeria, (CBN), has approved N20 billion as bailout for the state government.
Bello said this, while addressing a rally organized by labour unions to mark the 2016 May Day celebrations.
The governor said the N20 billion was the first tranche of the N50 billion applied for to clear salary arrears of the state and local government workers.
He blamed the past administration for delaying the release of the fund, saying that the application submitted by his predecessor was shoddily done and fraught with irregularities.
Bello promised the workers that his administration will fully expend the money on salaries, in order to guarantee industrial harmony.
“We had to start from scratch. We are glad to announce that our efforts have paid off. This week, we received approval to draw down on the first tranche of our Bailout Funds from the Federal Government.
“This will amount to about N20 billion. We will draw down on the balance of about N30 billion as we meet the milestones for implementation of the first tranche, as set by the Central Bank of Nigeria,“ he explained.
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