Nigeria’s Vice President, Prof. Yemi Osinbajo, Saturday, disclosed that the 36 states of the federation were indebted to commercial banks in the country to the tune of N685bn.
Prof. Osinbajo, who stated this in Kano, said it was the situation that made the Federal Government to assist states with the bailout fund since the development had hindered them from meeting most of their obligations.
According to him, the Buhari-led administration operates under zero tolerance for corruption, insisting that the era, where looting of public fund unites politicians was over.
Osinbajo was speaking at a ceremony in honour of President Muhammadu Buhari’ Senior Special Assistant on Media and Publicity, Garba Shehu. He also defended the bailout policy, insisting that it was not the first time the Federal Government took such a step.
The Vice President, who said 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, commended Shehu for his consistency and dedication to the journalism profession.
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