Buhari’s N656 billion bailout to states demonstrates that he is a compassionate leader – BMO

President Muhammadu Buhari has once again demonstrated his compassion as a compassionate leader by approving a fourth multi-billion naira bailout for states in six years.

The Buhari Media Organisation stated in a statement signed by its Chairman Niyi Akinsiju and Secretary Cassidy Madueke that the decision to disburse N656 billion as a budget support facility to the 36 states was completely unexpected.

“We were pleasantly surprised when Finance Minister Zainab Ahmad first dropped the hint, in Lagos, about the President’s approval of yet another bailout for the States at a time when they were to begin repaying three previous bailout facilities extended to them,” the group says.

“At the time, many Nigerians were unsure what to expect until the National Economic Council (NEC) meeting, when it was revealed that each of the 36 states would receive N18.2 billion in six tranches over the next six months, to be repaid over a 30-year period beginning in 2023.”

“This is truly unprecedented, and the country hasn’t seen anything like it since the Peoples Democratic Party’s (PDP) oil boom years.”

“We invite Nigerians to remember that the Buhari administration’s first bailout occurred within the first few months of the President’s inauguration, when it became clear that no fewer than 27 states were having difficulty paying workers’ salaries and pensions.”

“Another tranche of bailout was disbursed in 2016, while a third was disbursed in 2017, with President Buhari specifically insisting that State Governors prioritize salary payment when it was clear that many States had several queues of unpaid salaries.”

“So, as surprising as the fourth bailout in six years is, it is entirely in keeping with the character of a President who is so compassionate that he once asked some Governors how they could sleep at night knowing that workers’ salaries had not been paid,” the report said.

BMO expressed hope that state governors would spend the funds wisely on projects and initiatives that would have a direct impact on the public.