Access, Fidelity, Zenith lend states N46bn in six months as govs battle poor IGR
•Fiscal Responsibility Commission issues guidelines to banks on lending to states, MDAs
State governments borrow about N46.17bn from three banks to pay salaries between January and June 2023, according to findings by The PUNCH.
The findings were based on an analysis of the half-year 2023 financial statements of Access Bank, Fidelity Bank, and Zenith Bank Group.
The PUNCH observed that the states borrowed the most from Access Bank in six months, with a record of N42.97bn loan.
It was followed by Zenith Bank (N1.78bn borrowed) and Fidelity Bank (N1.42bn borrowed) within the six-month period.
According to the H1 2023 financial statement of Access Bank, the outstanding balance on the salary bailout fund was N58.84bn by June 30, 2023, from N101.81bn in December 2022.
