Thirty-one state governments owe the central bank of Nigeria, CBN, a total of N339.9bn obtained to pay workers’ salaries between 2015 and 2023, a document obtained from the apex bank has revealed.

The document also stated that the sub-nationals had yet to pay an outstanding of N339.97bn and a loan default of N1.31bn as of September 2023.

The fund, which was facilitated through the Salary Bailout Facility, a strategic intervention by the CBN aimed at alleviating the fiscal pressures faced by the states, was part of the over N10.3tn intervention fund made available by the apex bank under the immediate former CBN governor, Godwin Emefiele.

In contrast, the current governor, Olayemi Cardoso, stopped the programme, stressing that the apex bank could not continue to fund more intervention programmes amidst the current economic crisis.

A breakdown of the report showed that 31 state governments benefited from the initiative, with N457.17bn disbursed