Osinbajo says FG has disbursed N1.91tr to states as financial support

Vice President Yemi Osinbajo says the Federal Government has disbursed a sum of N1.91 trillion to various states in form of financial supports.

Osinbajo who made this known on Tuesday in Abeokuta, the Ogun State capital, while declaring open the Ogun State Investors’ Forum 2018, said the financial supports, which include the Anchor Borrowers Programme (ABP), social investment intervention, budget support facilities and fertilizer intervention programme, was the Federal Government’s lifeline to help states cope with shock of drop in the crude oil price.

He added that the President Muhammadu Buhari-led administration is concerned with the growth of every state in the country, irrespective of its political leaning and regard every state as a partner in progress.

He said “On our part, the Federal Government will continue to do everything within our power to support every state in Nigeria to reach its full economic potential. It is gladdening to note that Ogun has been consistently enthusiastic in its reception of our hand of cooperation. In recent history, I must say that it would be difficult to point to a government that has been more supportive of the development of the ambition of states as the Buhari administration. We’ve been especially attentive and responsive to their needs and wishes and have treated state governments, regardless of partisan affiliation as partners.”

The forum, fourth in its series, had in attendance, former Mexican president, Felipe Calderon, Ministers of Finance and Agriculture, Kemi Adeosun and Audu Ogbeh, private sector representatives, captains of industry and investors, both local and foreign.

Also speaking at the event, the minister of Finance, Kemi Adeosun, who is also a former commissioner for finance in Ogun state said that Nigeria’s economic outlook for the year 2018 and beyond, is positive and the nation is targeting seven percent growth in the next three years.

Adeosun stated that the country was now resilient after exiting recession and has the potential to achieve a seven per cent economic growth in the next two to three years.

She added that the current administration had succeeded in building macro-economic resilience for the country, particularly revising the funding mix, rebuilding fiscal buffers, enhancing foreign exchange reserves and focusing on import substitution strategies.

She said, “President Muhammadu Buhari has laid the foundation for the repositioning of the economy with a series of reforms which are being sequenced to ensure maximum impact and benefits to Nigeria and the citizens.

“These include massive investments in infrastructure and social welfare across the country, improved revenue mobilisation, rebuilding of foreign reserves and stabilization of exchange rate.”

The Minister of Agriculture and Rural Development, Chief Audu Ogeh, while speaking at the event urged other States to come up with policies and programs that will help diversify Nigeria's economy, while he commended the Ogun State government efforts at reviving agriculture in the country.

Governor Ibikunle Amosun in his address at the Forum with the theme ‘’Consolidating the gains, Accelerating growth” assured prospective and long standing investors in the State of adequate security and safety of their investments with bountiful profits.

Amosun said that the State has improved and maintained an enabling and secured environment for businesses to thrive, while his administration since inception had made significant investments on security, infrastructure and architecture, with strong collaboration with security services to protect the lives and properties of the populace.

He added that the improved business environment and transformation across the State was a result of the concerted efforts and commitments of his government and this has made the State a reference point among comity of States in the Country.

He said, ‘’Our improved business environment remain a solid foundation for our new status as the industrial capital of Nigeria, I assure our existing and prospective investors of the safety of their investments in our dear State, and as a matter of fact, the legacy we will be leaving behind will not only nurture your investments, but also sustain them with a guarantee of bountiful returns.”

He disclosed that 148 new industries had been attracted into the State with a minimum of $200 million, and in excess of $2billion, making it a total number of 304 industries across the State.