The Federal Government has disclosed that it will soon release more than N720 billion to all the states in the Federation. This was disclosed by the Speaker of the House of Representatives, Mr. Yakubu Dogara, during a visit to the Igwe of Ogwuekpele, His Royal Highness, Valentine Onyema-Ogidiga, Punch reports.
The funds, Dogara explained, is expected to help further the diversification drive at the state level. “It is being processed and I know that no state will get less than N20bn from the money that is coming. That will be something substantial in the hands of the governors. Those that are spirited, I believe they will be able to translate that money into development so that they can support the diversification (agenda) of the Federal Government.” Punch reports.
A statement released by the Speaker’s Senior Special Assistant on Media and Public Affairs, Mr. Iliya Habila, quoted Dogara as saying that the FG recognized the need to create capital which will in turn stimulate investment in infrastructure required for developing other sectors of the economy.
The funds are however, not fresh disbursements from the Federal Government (FG) but rather repayments of debts owed the states who had earlier embarked on rehabilitation of failing Federal Government infrastructure in their domain, especially road projects with the understanding that they would be repaid later.
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