Ondo govt confirms receipt of N7B

July 20, 2017 7:37 PM

Ondo state government have confirmed the receipt of N7billion as its share of the second tranche of the Paric Club loan refund.

Rotimi Akeredolu

The Ondo State government on Thursday confirmed the receipt of N7 billion as its share of the second tranche of the Paris Club refund.

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The Chief Press Secretary to the Governor, Mr Segun Ajiboye, said in a statement in Akure on Thursday that 32.68 per cent of the sum would be allocated to local government councils while the state government would keep 67.32 percent as its share.

“It is also important to note that according to the agreement reached between the states of the federation and the Federal Ministry of Finance, 75 percent of the share received by the state is devoted to payment of salaries and pensions while 25 percent is devoted to capital projects.

“As a responsive government, the administration of Gov. , SAN, is committed to using the funds for the purposes they are meant to be used for.

“The governor continues to seek the support of the workers and the people of the state in his desire to lay a solid foundation for a prosperous state,” Ajiboye added.