31 States Accumulate N339.9 Billion Debt to CBN for Salaries Amid New Salary Demands

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Amidst renewed calls for increased wages, a document obtained from the Central Bank of Nigeria (CBN) reveals that thirty-one state governments in Nigeria collectively owe the apex bank a substantial sum of N339.9 billion. This debt stems from loans acquired between 2015 and 2023 to meet payroll obligations.

 

 

As of September 2023, the document indicates that the state governments have yet to settle an outstanding balance of N339.97 billion, alongside defaulting on a loan amounting to N1.31 billion.

 

 

These funds were accessed through the Salary Bailout Facility, a strategic initiative launched by the CBN to alleviate fiscal pressures faced by states. This facility was part of the comprehensive N10.3 trillion intervention fund disbursed by the apex bank during the tenure of former CBN governor, Godwin Emefiele.

 

 

The revelation of such a significant debt burden coincides with renewed demands for higher wages across various sectors. The inability of state governments to repay these loans not only exacerbates financial instability but also adds strain to the nation’s economy and undermines efforts to address salary concerns.


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