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Nairaland Forum / Nairaland / General / Politics / New N20bn Bond(loan) Will Transform Ekiti State - Fayemi (828 Views)
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New N20bn Bond(loan) Will Transform Ekiti State - Fayemi by nduchucks: 11:08am On Apr 04, 2012 |
The state governments get free money (Allocation) from the federal government, yet they do not see it fit to find other ways of raising money without putting generations of citizens in debt. This is a disgraceful phenomenon which should be stoppped. What if the Feds did not provide this allocation, would the states then go bankrupt? SMH
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Re: New N20bn Bond(loan) Will Transform Ekiti State - Fayemi by OAM4J: 2:36pm On Apr 04, 2012 |
My reservation is not on raising N20B bond, but on what the money will be spent on. Was expecting the bulk of the money to be spent on ventures that will increase the state IGR, but then am not the Governor. Building a liaison office and Governor's office with a loan doesn't cut it for me. |
Re: New N20bn Bond(loan) Will Transform Ekiti State - Fayemi by Kilode1: 2:55pm On Apr 04, 2012 |
I Agree OAM4J. Yes, you can raise bond, that is what cash strapped Govts and Municipalities do, but it is sheer stupidity to spend your borrowed money on projects you aren't planning to make profits from. If they have no plan to make these utilities generate income through tolls, levies, taxes e.t.c then we must call it Nonsense. But I believe Fayemi is not Foolish and bond investors can't be that stupid. So maybe there is an income generation plan to this. |
Re: New N20bn Bond(loan) Will Transform Ekiti State - Fayemi by nduchucks: 3:16pm On Apr 04, 2012 |
Kilode?!: Please understand that I do not have any objection to fund raising by state governments through bonds. I however believe that these state governments should look for other ways of generating revenues first, before turning to bonds as a last resort. If anyone can list any revenue generating venture, through any means, by Fayemi or other state governors with the exception of say, Fashola, then I'll feel better. Fayemi and these other governors in my view, are incompetent and essentially lazy when it comes to revenue generation. With their PhDs, they should have big revenue generating ideas which could propel their states to the next level. Any fool can get free money from the Feds and spend it, or obtain it from the bond market, spend it and leave the debt to his successor. SMH |
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