CBN to start deducting states’ bridging loan this month

The Central Bank of Nigeria will commence the deduction of the bridge financing facility granted to state governments by the end of this month.

The Minister of Finance, Budget and National Planning, Zainab Ahmed, disclosed this at Thursday’s National Economic Council 188th meeting presided over by Vice-President Yemi Osinbajo in Abuja.

This was contained in a statement titled, ‘NEC Urges Strict Adherence to COVID-19 Response Guidelines During Sallah Festivities’, issued by the Senior Special Assistant to the Vice-President on the Media and Publicity, Laolu Akande.

The statement said the council received updates on the Federal Government’s Budget Support Facility to states as the minister informed it that with the agreement reached with the CBN to provide a bridge financing facility to the states, deductions from the state governments would now commence from July.

The council equally called for strict adherence to the COVID-19 response guidelines across the country ahead of Tuesday’s Sallah festivities.

The call came after the council received a regular state performance report from the Nigeria Centre for Disease Control.

According to the report, the Coronavirus positivity rate has risen in the country just as three cases of the Delta variant have now been detected.

The council had received the state performance report on COVID-19 from the Director-General of the Nigeria Centre for Disease Control, Dr Chikwe Ihekweazu, who noted that the Delta was a new variant identified in 103 countries and was 60 per cent more transmissible than the highly infectious Alpha variant, which was previously identified.

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The NCDC, therefore, urged the council to ensure the sustenance of effective COVID-19 response nationwide, while improving public health awareness, adherence to public health and social measures.

The agency also called for the re-activation and sustained functioning of isolation centres as proactive preparatory measures towards tackling a possible third wave.

Also at the meeting, the council was briefed by the ad hoc committee interfacing with the Presidential Task Force on COVID-19 to ease the lockdown of the economy.