Nigeria: President Buhari approves bailout package for bankrupt states
July 8 , 2015
Muhammadu Buhari, the Nigerian president, has approved a $2.1 billion bailout package to assist bankrupt states in paying their salaries.
One-third of the country’s 36 states owe employees over $550 million in salaries and other payments, reports say. Some government employees have not been paid for several months.
Buhari, who had won the March election on an anti-corruption platform, has pledged to recover billions of dollars that were “stolen” during previous regimes.
A fall in global oil prices has hit Nigeria’s revenues, which depend heavily on export of crude oil.