The Federal Government has said that the $3bn emergency loan-for-crude oil secured in August would be deployed to stabilise the naira. This was disclosed at the 136th National Economic Council meeting held on Thursday.
Nasarawa State Governor, Abdullahi Sule, at the end of the NEC meeting stated thus:
“So, we are very confident and we still believe very strongly that with the plan that will come out and with all these items that have been listed on the improvement of revenue, the $3bn shall be useful to us down the line.”
“The $3bn that was taken in order to stabilise the naira. As you have seen we have a new team at the CBN and the new team that is just coming in is asking for a little bit of time in order to work out the modalities.
“It is one thing to take the loan it is another to plan the process of the stabilisation because it’s going to take a while.
“The CBN governor was just confirmed a few days back and he started rolling out his plans of what to do.”