Politics
N100bn Bond: NCC boss, Akande cautions Makinde against excessive borrowing
Alarmed at the approval of the issuance of a N100 billion bond by the Oyo State government, Chairman of the Nigerian Communications Commission, NCC, Prof. Adeolu Akande, on Wednessday cautioned Governor Seyi Makinde against excessive borrowing.
Governor Makinde had on Wednesday morning announced the approval of the loan tagged “Oyo Prosperity Bond” which, according to him, will facilitate the execution of priority projects that will further drive economic development in the State.
This is coming after the administration secured close to N50 billion loans in the first 14 months of its emergence.
It will be recalled that the Oyo Assembly had on May 19, 2020, approved a N22.5 billion infrastructure loan from a commercial bank. Before that, on October 10, 2019, the Assembly had approved the sum of N7.6 billion for the upgrading of two farm settlements in Akufo and Eruwa, to Farm Estates.
The APC chieftain, Akande, who hails from Otu, headquarters of Itesiwaju local government area of the State, explained that there is nothing bad about borrowing, but added that what such loans seek to achieve must be of economic benefit to the people of the State.
According to him, “Nobody needs to be told that the Nigerian economy has not been good for years. Many states have been struggling to meet their obligations. So, if any state is to borrow to fund any project, such project must be one that would bring economic development to the State.
“While I am not against infrastructure development in our dear State, proper evaluation needs to be done to determine which projects should be financed through borrowing. It should not be about borrowing to finance just any project. We have got to a stage where projects to be embarked upon by government at all levels must be ones that will lead to increase in internally generated revenue, draw investors to the State, create wealth for the people and ease the financial burden of the State.
“The Ibadan Circular Road project, for example, is a laudable one. It is a project that would open up the State and bring about an increase in IGR if properly harnessed. However, it is economically unhealthy to borrow to finance the project. Late Governor Abiola Ajimobi, I recall, had awarded the project via a public-private partnership (PPP) arrangement before the incumbent government ordered the company to stop work. What I think the government should have done was to engage a company with the capacity to fund it via a Build-Operate-Transfer (BOT) arrangement.
Prof. Akande also advised Governor Makinde against burdening taxpayers in the State with funding the expansion of the Ibadan Airport.
“The airport is a federal responsibility. Rather than burden taxpayers in the State with the cost of expanding the airport, Governor Makinde should work with representatives of Oyo State in the National Assembly to secure federal funding for the expansion of the airport by the Ministry of Aviation. The federal government is presently expanding many airports across the country, and Oyo State should not exclude herself from this benefit. The recourse to state finance for the airport project is an indication of failure in ensuring cordial federal-state relations by the Oyo State Government.
“The government must not impose an extra burden on taxpayers in the State by self-funding projects that can be funded by the federal government or the private sector”, he said.
Urging Governor Seyi Makinde to be creative in the aspect of fund generation and harnessing Oyo State’s economic potentials, Akande lamented the neglect of major infrastructural facilities across the State which, he said, should be useful for economic growth.
The All Progressives Congress (APC) in Oyo State has criticized the alleged forceful conversion of public reading and learning facilities in Dugbe, Ibadan, into shopping malls and lock-up shops by the state government, describing the development as shameful, ill-conceived, and unacceptable.
In a statement released over the weekend by its Publicity Secretary, Olawale Sadare, and made available to journalists in Ibadan, the APC also raised concerns about the alleged sale of the modern motor park facility at Wema Area on New Ife Road, Ibadan, built during the administration of the late Senator Abiola Ajimobi.
According to the party, the motor park has been sold to a pastor who presides over a popular church near the facility.
Residents of Ibadan, the state capital, were reportedly stunned when they noticed the sudden erection of massive private business complexes within the premises of the Oyo State Library Board.
The facilities, built by the defunct Western Region government, had served as public libraries and archives for decades, benefitting students, researchers, and tourists until recently.
“It is a sad reality that the buildings which used to serve as public libraries and archives in Dugbe axis of Ibadan have now paved the way for the development of commercial and business structures,” Sadare said.
“The implication is that education and research development have been relegated to the background in the state by an administration that has done little to address the poor reading culture among young students.”
The APC expressed alarm over what it termed the erosion of public heritage under Governor Seyi Makinde’s administration, alleging that public properties are being sold or leased to private individuals and groups under questionable circumstances.
“How can a government wake up one day and convert public reading facilities and archives into lock-up shops in the name of making money, thereby subjecting society to the dangers of illiteracy and ignorance?” the statement queried.
The party also cited other instances of alleged mismanagement of public assets, including the concession of OYSADEP Guest House in Saki and Agbowo Shopping Complex in Ibadan, warning that the trend poses a serious threat to the state’s socio-economic development.
“Sad enough, the ignoble activities of the governor and a few other characters around him as they involve mismanagement of land and other resources belonging to the state have paved the way for a surge in land grabbing cases in most parts of the state capital. There are many cases involving appointees of the governor, PDP lawmakers, local government officials, and party chieftains,” the statement added.
The APC called on well-meaning individuals and stakeholders in the state to demand accountability from the Makinde administration and halt what it described as the systematic erosion of public resources and heritage.
Over 300 constituents of Akinyele/Lagelu Federal Constituency in Oyo State benefitted from a skill acquisition and empowerment programme organized by their representative in the National Assembly, Hon. Akinmoyede Olafisoye.
The event, held at Faith Joe Event Centre, Alegongo, Akobo, Ibadan, aimed to address the challenges of unemployment and economic hardship by equipping participants with practical skills and financial support.
The programme focused on empowering youths, students, and unemployed graduates to become self-reliant. Each participant was provided with a certificate, a Point of Sale (POS) terminal, an umbrella, and ₦100,000 as a startup grant to kickstart their businesses.
The tools and financial aid were designed to enable beneficiaries to establish sustainable sources of income.
Participants received comprehensive training, gaining hands-on experience to ensure they could effectively utilize the tools provided. The POS machines were configured with the personal details of the recipients, ensuring proper use and discouraging unauthorized transfers.
Addressing the participants, Akinmoyede who is the Chairman House Committee on Nigeria/ Mexico Parliamentary Friendship enjoined the beneficiaries to explore the opportunity for their benefit by ensuring that they use the machines for the purpose it was meant for.
He added that all the machines have been configured with the documents of individual beneficiaries which will make it very difficult to transfer to another person.
In his goodwill message, the Oyo Central Senatorial chairman of APC, Hon. Joshua Oyebamiji said comparing what the lawmaker has been doing in the area of dishing out empowerment and palliatives to his constituents, it is difficult to tag him a first-timer at the national assembly.
While appreciating Akinmoyede for his gesture at the event, former APC Deputy State Chairman, Alhaji Isiaka Alimi, Hon. Fatai Awoyoola, and Hon. Akinbode Emmanuel said they were yet to discover the magic wand being used by the lawmaker for his constant and habitual empowerment programmes.
Some of the beneficiaries who spoke at the end of the training, Afolabi Kuburat, Akinropo Akindotun, Ajala Abisade Iyabo, and Grace Anuoluwapo Ayinde lauded the lawmaker for giving them the opportunity to be self-reliant at this time when Nigerians are facing economic hardship.
The House of Representatives member representing Akinyele/Lagelu federal constituency Oyo State, Hon. Prince Akinmoyede Olafisoye Wasiu has initiated another skill acquisition and capacity-building training for no fewer than 300 members of his constituency.
The initiative which is being organized in partnership with Federal Cooperative College, Ibadan is part of a strategic effort by the lawmaker to foster rural development of cooperative for their economic emancipation and break the shackles of poverty so as to alleviate the impact of the high cost of living among the people in Akinyele/Lagelu federal constituency he represents.
The training programme is coming up on Monday 18th November, 2024 at Faith Joe Event Centre hall. Alegongo, Ibadan by 8.00am.
A statement issued by the Special Assistant on Media to the lawmaker, Alimi Abdullahi stated that the capacity-building is designed to equip participants with essential entrepreneurial skills with a view to building sustainable livelihoods and improve the quality of lives of the people of Akinyele/Lagelu federal constituency.
All the participants for the training are expected to be at the venue by 8am so as not to miss any part of the training.
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