States Got 1.19 Trillion Naira Support From FG In 2017 - Osinbajo
It's time to ask your governor a few questions.
Despite collecting their due allocations every month from the federal coffers, the 36 states of nigeria also got support worth 1.19 trillion naira in 2017.
Vice President, Yemi Osinbajo disclosed on Tuesday that the sum was used to support the in execution of various programmes.
Osinbajo, who was speaking at the maiden Kogi State Economic and Investment Summit, said the intervention was to enable the states address lack of funds for execution of various social projects.
Apparently, the intervention had been provided through the Excess Crude Account, which is money saved from extra accruals from crude oil sales.
Osinbanjo said the money which also includes refund from Paris Club and loans had helped the state governments to execute some capital projects.
He, however, clarified 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.
This may not be entirely true since history of actual spending by the government over the past 12 years showed that 2017 got the least at about 147 billion naira, despite projected 2.24 trillion capital spending.
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