The National Economic Council chaired by Vice- President Yemi Osinbajo was on Thursday told that Federal Government bonds had been issued to 14 banks on behalf of 11 state governments as part of the plan to restructure states’ loans in commercial banks. As part of the plan, the Federal Government had approved the conversion of states’ loans in commercial banks to Federal Government bonds.
This is in line with the palliatives President Muhammadu Buhari had approved for state governments to enable them to meet their financial obligations.The 11 states, which are beneficiaries of the FGN bonds issued to the 14 banks, were among the 22 states who had applied for their commercial loans to be converted to FG bonds as of August 19.
Four governors, Ibikunle Amosun (Ogun); Willie Obiano (Anambra); Abdulfatah Ahmed (Kwara); and Muhammed Badaru (Jigawa), briefed State House correspondents at the end of the meeting. The NEC which is chaired by Vice-President has all state governors as members.