Vice President, Prof. Yemi Osinbajo on Tuesday confirmed that the President Muhammadu Buhari led Federal Government has released over N1.19 trillion support funds to states between 2015 and September 2017.
According to the Vice President, the assistance came in form of the Excess Crude Account, the Paris Club refund and budget support loans, among others.
Osinbajo said the funds were made available to the states for their programmes and do capital projects.
The vice president spoke in Lokoja, the Kogi State capital, at the inaugural Kogi State Economic/Investment summit.
He said part of the funds were the legal entitlements of the states, which they had access to; some were repayable loans.
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.
Osinbajo said the summit was coming at the right time, with the country trying to reduce dependence on oil and increase non-oil income, promoting agriculture and solid mineral resources.
He described Kogi State as strategically located with vast mineral resources that could make it a hub of commercial activities, adding that the summit was capable of reinvigorating and inspiring the people.
Governor Yahaya Bello said the summit was packaged to change the identity of the 27-year old state, from that of a civil service state to an industrialised one.
He said his administration in the last two years, prepared the ground for economic and industrial breakthroughs by solving the problems that hindered economic growth in the state.
The governor said the problem of insecurity had been tackled, and the state is now safe for investors and investments.
He said: “kogi State is now open for business; we want to be signing MoUs. I invite the private sector to collaborate with us in our bid to develop the state. Kogi State is for serious business”.
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.
