Nigeria okays bailout measures for cash-strapped states

[WorldNews]

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Nigeria's President Mohammadu Buhari on Tuesday approved a package of measures to bail out states with biting cashflow problems, including the inability to pay public sector salaries. Cash-strapped states would be allowed to draw from a specially set up central bank intervention fund worth 250 billion naira to 300 billion ($1.5 billion to 1.3-billion-euro). "This will be a soft loan available to states for the purposes of paying backlog of salaries," a statement from his office said.

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