From Walter Ukaegbu, Abuja
As the 21st Nigerian Economic Summit (NES) kicked off yesterday at Abuja, the Federal Government has revealed that a total bailout of N680 billion was given to the states as loans.
President Muhammadu Buhari, who was represented during the occasion by Vice President Yemi Osinbajo, explained that the states, which before now received N6.6 billion monthly allocations, now get only N2 billion, which meant the states were in huge trouble and needed to be rescued by the Federal Government.
However, the Vice President disclosed that the loan would be repaid through their monthly allocation as would be worked out by the banks.
“A window to borrow about N10 billion, with a 9 per cent interest, is also what the states were entitled to. These are the total package that are acceptable,” the Vice President said.
During the dialogue session with the theme, “Tough Choices: Achieving Competitiveness, Inclusive Growth and Sustainability,” which was moderated by Mr. Frank Aigbogun, Publisher, Business Day Media Limited and Mrs. Ibukun Awosika, CEO, the Chair Centre Group, Osinbajo was asked to shed more light on the government’s corruption war. While he affirmed that corruption has been identified, he stated that the most important thing were to determine the level of corruption and the focus.
He was quick to state that the best solution is for leaders to live by example, which was what the country lacked for a very long time.
“People want to see the leadership being open and transparent with accountability; they expect to see the direction of every sector like the EFCC, ICPC, the judiciary, among others. This is because political will is demonstrated by the way we support these institutions to do their work,” he said.
Osinbajo stated that there would be a change in the judicial system with a view to reforming it to be more credible which, according to him, was why the Federal Government does not want to appoint just any one.
He disclosed that at the moment, 22 magistrates and two judges have been fired as a result of misconduct, advising people to recognise that there would be merit.
On the bailout given to the states, the Vice President said that states, which before now were getting N6.6 billion now get N2 billion, which sent a signal that there is serious problem.
According to him, the Federal Government was only responding to circumstances beyond the states, stressing that the whole amount to states was N680 billion, which they would pay from their allocations in due course, through the workability of the banks.
President Muhammadu Buhari, who was represented during the occasion by Vice President Yemi Osinbajo, explained that the states, which before now received N6.6 billion monthly allocations, now get only N2 billion, which meant the states were in huge trouble and needed to be rescued by the Federal Government.
However, the Vice President disclosed that the loan would be repaid through their monthly allocation as would be worked out by the banks.
“A window to borrow about N10 billion, with a 9 per cent interest, is also what the states were entitled to. These are the total package that are acceptable,” the Vice President said.
During the dialogue session with the theme, “Tough Choices: Achieving Competitiveness, Inclusive Growth and Sustainability,” which was moderated by Mr. Frank Aigbogun, Publisher, Business Day Media Limited and Mrs. Ibukun Awosika, CEO, the Chair Centre Group, Osinbajo was asked to shed more light on the government’s corruption war. While he affirmed that corruption has been identified, he stated that the most important thing were to determine the level of corruption and the focus.
He was quick to state that the best solution is for leaders to live by example, which was what the country lacked for a very long time.
“People want to see the leadership being open and transparent with accountability; they expect to see the direction of every sector like the EFCC, ICPC, the judiciary, among others. This is because political will is demonstrated by the way we support these institutions to do their work,” he said.
Osinbajo stated that there would be a change in the judicial system with a view to reforming it to be more credible which, according to him, was why the Federal Government does not want to appoint just any one.
He disclosed that at the moment, 22 magistrates and two judges have been fired as a result of misconduct, advising people to recognise that there would be merit.
On the bailout given to the states, the Vice President said that states, which before now were getting N6.6 billion now get N2 billion, which sent a signal that there is serious problem.
According to him, the Federal Government was only responding to circumstances beyond the states, stressing that the whole amount to states was N680 billion, which they would pay from their allocations in due course, through the workability of the banks.
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