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FG supported states with N1.19trn in 2017 – Osinbajo

Vice President, Prof. Yemi Osinbajo on Tuesday said the Federal Government supported the 36 States with about N1.19 trillion as at Sept. 2017 for the execution of various programmes.

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Osinbajo, who disclosed this in Lokoja during the maiden Kogi State Economic and Investment Summit, said the intervention was to enable the states address paucity of funds for execution of programmes.

He said that the funds which were made available through the Excess Crude Account, Paris Club refunds and loans among others had enabled some state governments to embark on capital expenditures.

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Osinbajo explained that some of the funds were legal entitlements of the states to which they legally had access, while others were loans to be repaid.

The vice president noted that the present administration had the highest capital expenditures in the last two years, owing to the on-going roads construction across the country, railway lines and hydro power projects.

He described the summit as timely, saying it came at the time the country was involving ways to reduce its dependence on oil and increase its non-oil income with the promotion of agriculture and the abundant solid mineral resources in the country.

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