The financial crisis that has crippled many states in the country may also put commercial banks in a precarious situation as the 36 states are indebted to banks to the tune of over N685billion.
This was disclosed on Saturday by the Vice President, Professor Yemi Osinbajo, who observed that the huge debt burden has made it nearly impossible for the states to fulfill their financial obligations to their workers and their electoral promises to the electorate.
The debt owed the banks by state governments has dwindled the resources of the bank and made it difficult for them to make funds available to the critical sectors of the economy.
The Vice President, who spoke in Kano at a reception organised by the state government in honour of Mallam Garuba Shehu, the Senior Special Assistant on Media and Publicity to President Muhammad Buhari, noted that the difficult situation the states found themselves made it imperative for the President to approve a bailout for them to enable them address the financial difficulties they were facing, especially the issue of unpaid workers’ salaries.
According to him, though some people were not happy that the Federal Government arose to help the states, he said “such people did so because they do not understand the purpose of leadership.”
Professor Osibanjo noted that the duo of tribalism and religious bigotry constituted the bane of leadership in the country, adding that for the country to develop, these had to be dealt with.
He also frowned at the situation in which some leaders would corner the wealth of the nation for their selfish benefit, saying this led the country into the situation it had found itself.
His words, ‘’They would smile to themselves and share the loot, what was paramount to them was that they had achieved their selfish agenda to the detriment of millions of Nigerians who put them into such positions.”
Professor Osinbajo poured encomiums on Comrade Shehu, saying that he was patient, courageous and determined, noting that these factors assisted him to be in the position he found himself.
Speaking on the ocassion, Dr. Abdullahi Umar Ganduje, the state governor, said the masses had great hope that the APC government would effect positive changes in the country, promising that the party would not let down the masses.
Gandunje noted that the high rate of smuggling had crippled many industries in the country to the extent that many people had been forced into unemployment.
He, however, assured the people that with the current administration’s principle of zero tolerance for corruption, the country would regain its lost glory.
His words, “Kano is an APC state, that was the reason the party recorded an overwhelming victory during the election,” calling on the Federal Government to help the state on its irrigation challenges.
In his speech, Alhaji Maitama Sule, the Danmassanin Kano, noted that with the combination of President Buhari and Prof. Osinbajo, at the helm of affairs in the country, there would be rapid development and progress.
Sule, who described the Vice President as an Awoist, said he saw in him a true reflection of the characteristics of Chief Obafemi Awolowo, who he said did well for the people of Western Region, especially through his free education programme.
While responding Mallam Shehu commended the state government for organising the reception as, according to him, he did not believe that he was worth such honour.
He then urged the people to continue praying for him so that he would not disappoint the state.
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