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Why we are taking loans to develop key infrastructure – Makinde gives reason
Oyo State Governor, Engineer Seyi Makinde, on Wednesday, explained that his administration’s determination to fix the huge infrastructure deficit in the state and get the state on the right track for economic growth was behind the move to secure loans that target key infrastructure.
He added that the problem with loans is not in taking them, but in the way they are utilised, noting that with the extant economic reality in the state, it would be difficult for the state to get out of its infrastructure crisis and be well-placed to attract investments, without taking loans targeted at developing key infrastructure.
A statement by the Chief Press Secretary to the governor, Mr. Taiwo Adisa, indicated that the governor stated these during the signing of the reviewed 2020 Budget from N213 Billion to N174 Billion into law.
The governor explained that in the revised 2020 budget, N65.2 Billion has been earmarked for capital projects while N108.9 Billion is for recurrent expenditure, stating that the state plans to pay a huge chunk of its recurrent expenditure through allocations from the federation account and the state’s internally generated revenue.
The governor appreciated members of the Oyo State House of Assembly for reviewing the revised budget proposal in a timely manner and for approving the downward review, saying “it is heartening that the three arms of government have continued to work harmoniously for the good of the people of Oyo State.”
The budget signing ceremony, which took place at the Government House, Agodi, Ibadan, was witnessed by the Deputy Governor, Engr. Rauf Olaniyan; Speaker of the Oyo State House of Assembly, other top government functionaries and some lawmakers.
Speaking shortly after signing the reviewed budget, Governor Makinde maintained that the reason for the review was due to economic meltdown, crash in oil prices and effect of the COVID-19 pandemic, which affected the economy of the state.
The governor reiterated his administration’s commitment to ensure an optimum performance of the budget, noting that the state will ensure that the 2020 revised budget is adequately funded by aiming at 70 per cent performance.
He said: “The reason for this latest revision is apparent to all. The economic meltdown we are experiencing, occasioned by the crash in oil prices, coupled with the COVID-19 pandemic, has greatly affected our state’s ability to stick with the original budget.
“So, after the review, which we submitted to the Oyo State House of Assembly, it was agreed that we should effect an 18.3 per cent downward review of the budget, from N213 Billion to N174 Billion.
“It is this revised budget that I am signing today. As I sign this revised budget, it is a good time to reflect on one issue that has plagued our budget implementation over the years – the issue of poor budget performance.
“We make robust presentations of plans that mostly end on paper, because the funds are not available to implement them.
“When you have an annual budget performance of about 30 per cent, you will understand why we keep having stagnation in economic growth. Or how else will you explain an IGR average of about N1.8 billion in the past four years?”
Governor Makinde maintained that the reason Oyo State continued to be referred to as a civil service state is because it failed, over the years, to take the needed action to boost its economy, stating that his administration is ready to make daring and ambitious efforts to reposition the state economically.
“So, we have taken some steps to ensure that the 2020 revised budget is adequately funded. As I said at the signing of the initial budget, we are aiming for a minimum of 70 per cent performance,” Governor Makinde said, adding that the steps taken by the government is to ensure that loans taken are used to fund priority capital projects.
He said: “One of the steps we have taken is to ensure that loans taken are used to fund priority capital projects.
“Another thing we are doing is using an Alternative Project Funding Approach to carry out key priority projects. This will be used for the twenty-one-kilometres Airport – Ajia – New Ife Express Road with a spur to Amuloko in Ibadan and few other projects.
“What the alternative approach entails is that the contractor will fund the project and the Oyo State Government will pay for the project over thirty months. “I have seen some comments about the cost of the Airport Road. There is no basis for the comparison between the Airport Road and the Moniya-Iseyin road. Unlike the Moniya-Iseyin road, the Airport road will contain hydraulic structures.”
The governor also used the occasion to clear the air on the planned Oyo State Prosperity Bond, noting that though the government is aware that floating the bond is an ambitious move, it is a bold step that has to be taken for the development of the state.
“Let me use this opportunity to talk about the N100 Billion bond, also known as the Oyo Prosperity Bond, which was recently proposed and approved by the Oyo State Executive Council. There is no arguing that floating this bond is an ambitious move. But I want to believe that we were voted into office to take bold steps in developing our economy.
“The facts before us are clear. Our state has huge infrastructural deficits. If those deficits are not addressed, it means we will be maintaining the status quo. Any person with sound financial knowledge will tell you that the only way to get out of this cycle of poverty is through massive investment in infrastructure.
“As I have always said, the problem with loans is not in taking them, but in the way loans are utilised. Oyo State cannot get out of its infrastructural deficit without taking loans targeted at developing key infrastructure. “For example, we are targeting economically strategic roads such as the fifty-kilometres Iseyin-Ogbomoso road and the Ibadan Circular Road. We are also giving attention to the health sector by either constructing or upgrading one public hospital in each of the three senatorial districts of the state. In the transport sector, we are focused on building the Ibadan Dry Port and rail corridor and upgrading the Ibadan Airport.
“Oyo State cannot attract investments into our economy without showing that we are worthy of these investments. Investors will go to Lagos and even our neighbouring Ogun State if we continue running our economy with the same level of unseriousness that the state has come to be known for.
“Tell me, what excuse do we have for not making it into the list of top ten economies in Nigeria? How can we, despite being in these dire conditions, not recognize the urgency of growing our economy?
“I took an oath to lift Oyo State from poverty to prosperity using our Roadmap to Accelerated Development of Oyo State 2019-2023. I am determined to keep my word. Every step we have taken as an administration since our being sworn in on May 29, 2019, till date is geared towards ensuring that every promise made will translate to promises kept. I pledge to continue carrying you along as we make the best decisions for the overall good of the people of Oyo State.”
Ahead of the 2027 general elections, the national leadership of the All Progressives Congress (APC) on Tuesday held a high-level strategic meeting with the Oyo State chapter of the party as part of efforts to reposition the APC for victory and prevent internal crisis ahead of the polls.
The development was first scooped by OYOINSIGHT.COM which quoted multiple party sources familiar with the closed-door deliberations.
Sources disclosed that the meeting, held in Abuja, focused largely on a consensus arrangement being considered by stakeholders of the party in Oyo State, in line with political templates reportedly being adopted in Lagos and Ogun states ahead of the next electoral cycle.
Party insiders said the move was aimed at strengthening unity within the fold of the opposition party in the state, minimising rancour during the primaries and presenting a formidable front against rival parties in 2027.
It was further gathered that some members of the state executive committee may have been subtly informed about preferred consensus candidates being considered for elective positions across the state.
Though details of the deliberations were still sketchy as of press time, sources hinted that the national leadership stressed the need for cohesion, discipline and strategic alignment among stakeholders to improve the party’s electoral fortunes in Oyo.
Those at the meeting included the Oyo APC Chairman, Moses Alake Adeyemo; the state secretary, Fatai Adesina Adeniyi; the Publicity Secretary, Olawale Sadare; the Organising Secretary, Aderemi Adepoju; and the Legal Adviser, Sunday Aborisade.
Others were the Women Leader, Adekemi Opatunde; the Youth Leader, Olalekan Oladejo; Joshua Oyebamiji; Tunde Oloyede; Sunday Babalola; Joseph Omoniyi; and Mojeed Adebayo.
As of the time of filing this report, the party had yet to issue an official statement on the outcome of the meeting.
The Chairman of the All Progressives Congress (APC) in Oyo State, Chief Moses Alake Adeyemo, on Monday assured aspirants and party members that the party would conduct transparent, peaceful and credible direct primaries ahead of the 2027 general elections.
Adeyemo declared that no aspirant would be victimised or denied a level playing field, stressing that the party leadership remained committed to internal democracy and progressive ideals.
The former deputy governor spoke while receiving members of the APC Screening and Appeal Committees deployed from the party’s National Secretariat in Abuja at the APC Secretariat in Oke-Ado, Ibadan.
He disclosed that although the party initially explored consensus arrangements across elective positions, prevailing realities indicated that direct primaries would be conducted in some areas, including the governorship contest.
Adeyemo said the party had already put necessary structures in place to ensure a hitch-free exercise capable of strengthening unity within the APC.
He said: “We set machineries in motion for us to achieve the aim of consensus across board but reports available to me indicate that we would have to go by the second option which is direct primary in certain cases including the governorship ticket.
“To this end, we shall work towards organising free, fair and credible exercise in all the affected areas even as we cannot rule out the possibility of some aspirants having a rethink and supporting the consensus arrangement as necessary.
“Where we have more than an aspirant, Abuja would send people to conduct primaries and we at the state level would provide the required support to make everything work out in the interest of our great party.”
The APC chairman explained that all registered party members would participate fully in the exercise at their respective wards on dates to be announced by the National Secretariat.
According to him, affirmation would be adopted in areas where consensus candidates emerge, while voting would be conducted wherever direct primaries become necessary.
“For consensus, members will lend their voices for affirmation while voting will be done in the cases of direct primary,” he added.
Speaking earlier, Chairman of the Screening Committee and former Speaker of the Ondo State House of Assembly, Rt. Hon. Taofiq AbdusSalam, assured party faithful that the committee would carry out a thorough, transparent and unbiased screening process.
He said only eligible aspirants would be cleared to participate in the primaries and eventually fly the APC flag in the forthcoming elections.
Other members of the Screening Committee are Kamal Sanusi (Secretary), Smart Oluwole, Tunde Kolade and Olabamiji Agunloye.
Members of the Screening Appeal Committee are Jibola Oduwole (Chairman), Abimbola Jack (Secretary) and Jelil Jimoh.
The Nigeria Democratic Congress on Saturday zoned its 2027 presidential ticket to Southern Nigeria, declaring that the party’s candidate would serve a single four-year term if elected.
The decision was reached during the party’s national convention held in Abuja amid growing momentum within the opposition platform following a wave of high-profile defections from other political parties.
Announcing the development on its official social media handle, the party stated, “NDC presidential ticket is zoned to the South!!”
The party also resolved that its 2031 presidential ticket would be ceded to Northern Nigeria as part of efforts to maintain regional balance and internal equity.
The convention comes as key opposition figures, including former Labour Party presidential candidate, Peter Obi, and former New Nigeria People’s Party presidential candidate, Rabiu Kwankwaso, joined party leaders and delegates at the Abuja gathering.
Saturday’s convention is expected to ratify several recent decisions taken by the party’s National Executive Committee, including zoning arrangements, amendments to the party constitution, and the election of new national executives.
According to the convention agenda obtained by journalists, discussions centred on zoning, ratification of the amended constitution, and leadership restructuring ahead of the 2027 general elections.
The NDC has in recent weeks witnessed a surge in defections from rival opposition parties, particularly the African Democratic Congress and the Peoples Democratic Party.
On Tuesday, no fewer than 17 members of the House of Representatives defected from the ADC to the NDC.
Their defections were formally announced during plenary at the House of Representatives.
The lawmakers include Yusuf Datti, Uchenna Okonkwo, Adamu Wakili, Thaddeus Attah, George Ozodinobi, Lilian Orogbu, Oluwaseyi Sowunmi, Peter Aniekwe, Mukhtar Zakari, George Oluwande and Munachim Umezuruike.
Others are Emeka Idu, Jesse Onuakalusi, Ifeanyi Uzokwe, Afam Ogene, Murphy Omoruyi and Abdulhakeem Ado.
The defections came barely two days after Obi and Kwankwaso formally joined the NDC from the ADC.
The duo were presented with the party’s membership cards last Sunday shortly after a closed-door meeting with party leaders.
A former Governor of Bayelsa State and NDC national leader, Seriake Dickson, officially welcomed the opposition figures into the party.
Obi had attributed his exit from the ADC to worsening internal crises, external interference and what he described as increasing hostility within party structures.
The former Anambra State governor said Nigeria’s political environment had become increasingly toxic, marked by intimidation, insecurity and sustained scrutiny of opposition figures.
He also lamented that institutions meant to protect citizens were now often deployed against them, while individuals committed to genuine public service faced mounting pressure both publicly and privately.
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