The CBN Governor, Godwin Emefiele has said that a total sum of N689.5 billion has now been disbursed as salary assistance loan to States and additional N310 billion disbursed as Excess Crude Account-backed loans to States.
Emefiele made the disclosure at the National Economic Council meeting presided over by vice President Yemi Osibnajo on Thursday.
The fund, according to the CBN governor is part of bail out funds received by the states.
Also at the meeting, the Minister of Finance, Kemi Adeosun informed the council that the balance on the Excess Crude Account stood at $2.3 Billion.
She added that President Muhammadu Buhari has approved the suspension of monthly deduction at source for this month, and that no such deductions would be made this month from the FAAC allocations to the States.
According to the Minister, this act is intended by the President to provide the States with some financial relief at this time despite the fact that FAAC allocations are dwindling due to the drop in oil prices.