States Got N1.19tr From Federal Government – Osinbajo
Between 2015 and September 2017, states got N1.19 trillion support from the Federal Government, Vice President Yemi Osinbajo said yesterday.
Osinbajo made this disclosure at the maiden Kogi State economy and investment summit, which attracted various dignitaries including the Ooni of Ife, Oba Adeyeye Ogunwusi.
According to him, the funds were made available through the excess crude account, the Paris Club refund, loans among others to the states.
He explained that parts of the funds were the entitlements of the state that they legally had access to, while some of them were loans to be repaid.
The VP noted that the Buhari administration had committed the highest amount ever to capital expenditure, given what it had spent in the last two years.
He said this was evident in the on-going railway lines, road construction and hydro power projects.
Speaking at the occasion, state Governor, Alhaji Yahaya Bello, who apologised for his recent comments against Catholic bishops, said the summit was packaged to change the identity of the 27 years old state from a civil service state to an industrialised one.
He said his administration had in the last two years prepared the ground for economic and industrial breakthroughs for the state by solving the problems that had been hindering economic growth in the state.
Bello said the state was now safe for investors and investments, adding that the problem of security had been tackled.
He said, “we are changing the toga of a civil service state to an economic and commercially viable one and we want investors to collaborate with us and contribute to the prosperity of the state.
Minister of Mines and Steel Dr Kayode Fayemi, said the bulk of Kogi’s revenue should be internally generated, based on the abundant mineral resources in the state.