Sharing of Gas revenues to cover state government debts

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The process of sharing $2.1 billion with federal, state and local governments in Nigeria has commenced to minimize a growing backlog of debts and restructure short-term loans. This was confirmed by the vice president’s spokesman on Monday.
There was an announcement of sharing of revenues from the state-owned Nigeria Liquefied Natural Gas Company earlier this month after governors of the 36 states requested federal government support from President Muhammadu Buhari. This was due to the fact that many states have been unable to pay its staffs. The vice president’s spokesman Laolu Akande confirmed that the implementation of a three-pronged financial intervention of President Muhammadu Buhari to assuage workers plight and support the states is now in progress.

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July 29, 2015 |

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