According to NTA, President Buhari said: "I have approved the disbursement of 522 billion naira to the State Governments, to enable them pay salary and pension arrears, and put money in the economy.”
"We have stipulated that at least 50% of the funds should be dedicated to salaries and pensions, and we will audit disbursements to ensure compliance.
"The Ministry of Finance is currently processing the first batch of 153 billion naira, which, I am told, will be released to 14 States.
"The Ministry will provide more details on how the funds will be disbursed and how we will monitor the utilization to ensure that Nigerians receive the full benefits from their State Governors.
"As I said in my Independence Day Speech, I firmly believe that this recession will not last."
President Buhari who expressed more concerns about the economic challenges in the country, noted further that, "We should not allow our temporary problems to blind us from the corrective course this administration is charting for Nigeria. We know what our challenges are and we are working very hard to provide solutions that will last."
The first 14 states are to be expecting their disbursement as the first batch will be made available in the coming days.
In a related development, efforts are in top gear to end old age poverty in Nigeria through the introduction of Micro Pension for self-employed Nigerians, Eric Fajemisin, the chief executive officer of Stanbic IBTC Pension Managers Ltd (SIPML) has disclosed.
Speaking at a media parley organized by SIPML in Lagos on Thursday, December 1, Fajemisin disclosed that the federal government and Pension Fund Administrators (PFA) are currently working out the possibility of rolling out the micro pension scheme in the first quarter of next year, NAIJ.com reports.
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