Osinbajo Urges Struggling States to Embrace Concessionary Loan Opportunities

Vice President Yemi Osinbajo, on Saturday, July 25, called on states facing financial challenges to explore the opportunity provided by the President Muhammadu Buhari led administration by accessing the concessionary loan through the Central Bank of Nigeria (CBN).


He said this while addressing reporters shortly after attending the 90th birthday service of Mrs. Mojisola Adedayo at the Cathedral of St. James, Oke Bola Ibadan.

Osinbajo said the present All Progressive Congress (APC) government has considered the plight of states that had experience about 40 per cent reduction in allocation, which has prevented them from meeting their financial obligations.

The VP added that the Buhari-led administration has also negotiated with commercial, banks in the country to allow states that are indebted to them to allow the debts be converted into bonds which can be spread over a long period.