Osinbajo: FG Has Supported States with N1.19tn

foreign exchange market
  • Osinbajo: FG Has Supported States with N1.19tn

Vice President Yemi Osinbajo on Tuesday said the federal government had supported the 36 states of the federation with N1.19 trillion as at September last year.

He said the funds were made available to the state governments for execution of their programmes.

Osinbajo, who disclosed this in Lokoja, Kogi State, at the inaugural Kogi State Economic/Investment Summit, said the funds had enabled some state governments to embark on capital projects.

According to him, the funds were made available through the excess crude account, the Paris Club refund and loans among others.

The vice president said the funds were the legal entitlements of the states, while others were repayable loans.

He said the present administration had the highest capital expenditures in two years, adding that these were evident in the ongoing railway lines and roads constructions and hydro power projects.

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years' experience as a foreign exchange research analyst and trader. A graduate of University of East London, U.K. and a vivid financial markets analyst.

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