Some state govts lost bailout money to bank loans – Yari:

Gov. Abdulazeez Yari of Zamfara has said that some indebted state governments lost their bailout money to servicing outstanding loans they had obtained from banks. 

Naira-DollarIt will be recalled recalls that the money was sourced from the revenue paid to the Federation Account by the Nigerian Liquefied Natural Gas (NLNG).  Yari, who was fielding questions from State House correspondents in Abuja, expressed concern that many state governments were still facing financial challenges, in spite the disbursement of the NLNG money.  “What I’m saying is that no money is released yet apart from the NLNG money. But I think the NLNG money that was given, some states, their own was taken by the banks because it is due for them to repay some certain loans.  “So, therefore, automatically, that has to go there.’’  “But for sure, some other governors reported that money went to their accounts, it was taken by some banks because of their outstanding loans.’’  He, however, stated that the Central Bank of Nigeria (CBN) was negotiating with the banks on how state governments could freely access the next batch of the bailout funds, to enable them to settle outstanding salaries of their respective workers.  On the West African Examination Council (WAEC) debts owed by some states, Yari, who is also the Chairman of the Governors’ Forum, said the issue was being addressed by the affected states.  “Some state governments need to verify between the WAEC and their Ministries of Education and other departments of education. So, that’s why some states cannot pay the registration fees,’’ he added. - Source: www.vanguardngr.com