States get N1.19trn from ECA, Paris Club refunds

February 14th, 2018

From Ibrahim Obansa, Lokoja

Vice President Yemi Osinbajo has hinted that the Federal Government has supported the 36 states of the federation with over N1.19 trillion as at September 2017.

He said that the funds were disbursed to enable the states for the execution of various programmes.

Osinbajo spoke in Lokoja, the Kogi State capital on Tuesday at the maiden Kogi State Economic and Investment Summit, said the funds had enabled some state governments to embark on capital expenditures.

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 vice president noted that the present administration had the highest capital expenditures in two years, adding that these were evident in the ongoing railway line and road constructions, as wells as hydro power project.

Osinbajo said that Kogi is strategically located with vast mineral resources to make it a hub of commercial activities, adding that the summit was capable of reinvigorating and inspiring the people.

Governor Yahaya Bello said that the summit was packaged to change the identity of the 27-year- 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 breakthrough for the state by solving the problems that had been hindering its economic growth.

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