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.
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.