The Federal Government has concluded plans to refund N720 billion owed to 36 State governments. The payments covers expenditures on federal infrastructure projects carried out by the states. In the plan, each state government would receive a N20 billion refund.
Speaking in Anambra during a visit to the palace of Igwe of Ogwuekpele, His Royal Highness Igwe Valentine Onyema Ogidiga, in his palace at Ogwuekpele in Anambra State, Speaker of the House of Representatives, Yakubu Dogara, said the funds would assist the states in providing critical infrastructure in their states.
“Regarding debts owed to states, I can announce that very soon, a chunk of money will be given to all the states. It is being processed and I know that no state will get less than N20 billion 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 of the Federal Government,”he said.
Dogara, who was responding to the traditional ruler’s concern about decaying infrastructure in the state, said government was planning to invest on infrastructure and provision of capital.
“Without capital you cannot invest; so these are the two things that this government is devoted in carrying out. By doing so Nigerians can have enough capital, they will have the needed infrastructure for the establishment of functional industries for the evacuation of either solid minerals or agricultural products. And we know that agriculture has the potential of providing employment for the majority of our people.
“I can assure you that when we talk about diversification, it is not just on paper. Recently, there were efforts by the government to source money so that they can begin in earnest the putting up of infrastructure: functional road networks, inter-modal and multi-modal connectivity of our transportation and talk about building airports, railways and integrating them with land transportation.
“These are the things that are on the agenda and then giving citizens access to cheap capital that they can use to better their lives and start businesses and provide employment that will earn us foreign exchange,’’ he said.