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   Market Date: 26-01-2015   
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FG pays N40bn monetisation allowance

Category: General

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FG pays N40bn monetisation allowance



The Federal Government made good its pledge on Monday as it began the disbursement of over N40 billion monetisation allowance to the striking workers of the over 100 federal parastatals. Zenith Bank Plc is one of the 10 banks handling the disbursement of the fund.


As at the time of filing this report, the Secretary to the Government of the Federation, Alhaji Yayale Ahmed, the Permanent Secretary, General Services Office and the Accountant General of the Federation Malam Dankwambo were in the banking hall of the Zenith Bank located in Maitama to witness the uploading of the fund into the system for onward transfer into the individual account.


In all, the bank is responsible for the payment of 18,382 staff drawn from 26 parastatals. The parastatals include: Ahmadu Bello University Zaria (5,147), Ahmadu Bello University Teaching Hospital (2,847), Aminu Kano University Teaching Hospital (1,283) and the Adeyemi College of Education, Ondo (813) staff.


Other institutions that are expected to draw their money from Zenith bank are: the Administrative staff College, Badagry, (712), Cocoa Research Institute of Nigeria, Ibadan ((718) the Chad Basin Development Authority (655) and the Federal College of Forestry, Ibadan (219) Head of the bank’s operations Mr. Sunkami Adaramola told journalists that the beneficiaries accounts have already been credited and that those who do not maintain an account with the bank would have theirs credited through inter – bank transfer this morning. 


An official of the SGF‘s office told our correspondent the the FG was only able to raise N40bn out of the N85bn computed monitisation allowance adding that the remaining would be sourced through a supplementary budget that might be raised by the President later in the year.


Minister of Labour and Productivity, Adetokunbo Kayode (SAN) said the money representing 50 per cent of the sum owed the workers. According to him, the monies had been paid and that the banks were in the process of paying them into the accounts of the workers.




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