- August 3, 2015
- Posted by: Website Admin
- Category: National News, Uncategorized
Vice President Yemi Osinbajo has said that the 36 states of the federation owe commercial banks N685bn.
The vice president, who spoke at a ceremony in honour of President Muhammadu Buhari’s Senior Special Assistant on Media and Publicity, Garba Shehu, defended the bailout policy, arguing that it was not the first time the Federal Government took such steps.
He said the situation made the Federal Government to assist the states with the bailout fund since the development had hindered them from meeting most of their obligations.
Osibanjo said the Buhari-led administration operates under zero tolerance for corruption and insisted that the era, where looting public funds unite politicians was over,he added that the Federal Government will also pursue to a logical conclusion the implementation of a social welfare policy designed to alleviate poverty and ensure even distribution of the dividends of democracy to the masses.