The vice president said the funds were the legal entitlements of the states, while others were repayable loans. "According to the senior special assistant media to the Vice President, Laolu Akande", a breakdown of the disbursement comprises N876.3 billion for excess crude account loan and budget support facility while the balance of N1.034 trillion is for the Paris Club refund".
He said the Federal Government had, through the Social Investment Programmes, encouraged more young entrepreneurs, as well as empowering vulnerable and poor households across the country.
Mr. Osinbajo, who disclosed this in Lokoja, the state capital during the maiden Kogi State Economic and Investment Summit, said the intervention was to enable the states address paucity of funds for execution of programmes.
He noted that Despite 60% less revenue, the present administration has made the highest capital spend in the history of the country in the sum of about 1.3 trillion naira.
He described the summit as timely, saying it came at the time the country was involving ways to reduce its dependence on oil and increase its non-oil income with the promotion of agriculture and the abundant solid mineral resources in the country.
On Ajaokuta steel complex, Osinbajo said the government also revived 110 megawatt electricity being generated at the steel plant and connected to the national grid, adding that the technical aspect to the steel complex was already functioning.
He also said the rail lines leading to the steel complex would be constructed as works at Itape had also commenced.
He said his administration had in the last two years, prepared the ground for economic and industrial breakthroughs for the state by solving the problems that had been hindering economic growth in the state.