On Thursday, the Central Bank of Nigeria (CBN) announced that it released bailout funds to five more states, which requested for a bailout to ease their financial challenges.
According to the CBN’s Director of Corporate Communications, Alhaji Ibrahim Muazu, the five states are Ebonyi, Ekiti, Imo, Ogun and Oyo.
The states, which benefited from the previous CBN bailout are: Osun N34.988 billion, Ogun N20 billion, Gombe N16.459 billion, Ondo N14.686 billion, Abia State N14.152 billion, Zamfara N10.020 billion, Bauchi N8.60 billion, Kwara N4.320 billion, Niger N4.306 billion and Adamawa N2.378 billion.
However, there are speculations on whether the funds will be used to ease the financial challenge of the states or if they are at risk of diversion for personal use. In view of this, the Independent Corrupt Practices and Other Related Offences Commission (ICPC) has warned the state governments not to misuse the bailout funds.
Premium Times stated that the Anti-Graft Commission would consistently monitor the funds and how they will be dispensed in all the states that benefited.
