Special Adviser to the President on Media and Publicity, FEMI ADESINA who made the clarification in a statement, said the measures approved by President BUHARI definitely do not include drawing down the remaining balance in the Excess Crude Account or the liquidation of the account.
He recalled that last week's meeting of the National Economic Council clearly concluded that the Excess Crude Account should be left untouched at this time.
ADESINA explained that the approved funds include two point one billion dollars dividend paid to the Federation Account by the Nigeria Liquefied Natural Gas Company.
He said another aspect is the directive to the Central Bank to package a special intervention fund that will offer financing to states, ranging from two hundred and fifty billion naira to three hundred billion naira, in form of soft loan to states for the purposes of paying backlog of salaries.
Furthermore; the presidential spokesman said a debt relief program designed by the Debt Management Office will also help states restructure their commercial loans, which is currently put at over six hundred and sixty billion naira.