June 20, 2009

Meltdown: We are not broke, Says Finance Commissioner

By Abdallah el-Kurebe

Sokoto – Despite the global economic meltdown , Sokoto State Commissioner of Finance, Alhaji Faruk Malami Yabo has said that the strategic savings embarked upon by the state government before the global recession has provided soft landing for the state, economically.

Speaking with Vanguard in his office in Sokoto, Yabo said that though the global phenomenon has affected all levels of governments, Sokoto state has emphasized on the strategic utilization of the resources that it has been receiving from the Federation Account.

According to him, “The strategic reserve we have made in Sokoto state is serious and indeed, what we saved is helping us greatly in carrying out the function of providing an economically viable environment for the people of Sokoto State,” Yabo said adding, “we have decided that only ongoing projects must be concentrated upon and completed before embarking on new ones.”

He added that although the 2009 budget was based on $45 per barrel,  the Federal allocation to both Federal, states and local governments have dropped by almost 95%  but  the Wamakko administration had tried to define priorities in terms of what should be done; what must be done and what was not supposed to be done should be left hanging till the liquidity situation was improved.