The Federal Government says it will grant a 90 billion Naira loan to the 36 states of the federation.

The loan, according to the Federal Government, will cover a period of one year.

However, the loan will be extended to the state governments after they meet 22 stringent conditions put together by the federal government under the fiscal sustainability plan.

Addressing journalists at a meeting held with states’ commissioners of finance, the Minister of Finance, Mrs Kemi Adeosun, said that the loan is in two tranches of 50 billion Naira for three months and 40 billion naira for nine months.

•Text courtesy of Channels TV. Photo shows Kemi Adeosun.