There is an update on the unpaid salaries of Oyo state government workers.It is no news that civil servants in Oyo state are being owed salaries. There was a development yesterday as the federal government of Nigeria approved the release of N413.7 billion to be shared among state governments including Oyo state, to allow them pay the outstanding salaries.
Vanguard reported that a three-pronged relief package that will end the workers plight include:
*The sharing of about $2.1b (N413.7bn) in fresh allocation between the states and the federal government. The money is sourced from recent LNG proceeds to the federation account, and its release okayed by the president;
*A Central Bank-packaged special intervention fund that will offer financing to the states, ranging from between N250bn to N300bn. This would be a soft loan available to states to access for the purposes of paying backlog of salaries;
* And a debt relief program proposed by the Debt Management Office, DMO, which will help states restructure their commercial loans currently put at over N660bn, and extend the life span of such loans while reducing their debt-servicing expenditures.