Eleven states have been issued with Federal Government Bonds, while 11 are still in the documentation stage.
The bonds were issued to 14 banks after submitting the reconciled figures and other required documents for the restructuring.
The Debt Management Office is now reviewing the additional submissions by states in the second phase of the programme.
The issuance of the bonds are in line with President Muhammadu Buhari’s approval for the restructuring of bank loans of states into Federal Government Bonds in order to address fiscal imbalance.
This is even as the balance of the Excess Crude Account (ECA) stands at $2.207 billion.
These were part of the disclosure made at the end of the National Economic Council Meeting held at the Presidential Villa Abuja,
Briefing journalists after the meeting, Kwara State governor, Abdulfatah Ahmed, said 11 of the 22 states that applied for the restructuring of their bank loans had been cleared.
Ahmed said the discussions at the NEC meeting centred on the restructuring of states indebtedness to banks, saying the ministry of finance had briefed the council on the balance of the ECA, currently at about $2.207 billion as of August 2015.