Governor of Ekiti State and Chairman of the Peoples’ Democratic Party (PDP) Governors’ Forum, Mr. Ayodele Fayose has described the Federal Government’s plan to secure Eurobond which re-payment would last till 2032, as act like that of the Biblical prodigal son, expressing the fear that the loan may plunge the nation into pro-longed economic misery.

The governor, who challenged the federal government to make clarification as to the beneficiaries of the bond, stating whether it would be both the federal government and the federating units or federal government alone, added that; “questions must also be asked on repayment of the Eurobond because deductions from what should accrue to the federation account on a bond to be taken by the federal government for its own use only.”


In a statement issued on Friday, by his Chief Press Secretary, Idowu Adelusi, the governor said; “What I’m even worried about and which they must explain to us is that you cannot get a bond without committing it to the source.

“Is the repayment going to be made by direct deductions from Nigeria’s crude oil sales or from federal government share from the federation account? “If it is going to be made directly from proceeds of crude oil accruing to Nigeria as a country, then the bond belongs to the federal, state and local governments and not federal government alone.

“The federal government is just one of the federating units making up Nigeria and revenue accruing to the country cannot be used to repay bond taken by the federal government for its own use alone. “The federal government must therefore tell Nigerians how it intends to repay the facility from now till 2032.

If it is going to be through direct deductions from revenue accruing to Nigeria, such that money would be taken from source which would not be part of the accruers to the central body, it means the $1 billion bond belongs to Nigerians and it must be shared among the federating units. “So, we have to find out and take steps. It is either they bring the money and we share it; we take our percentage and they take theirs. The federal government cannot take that money and take it from source and tell us that the money, which belongs to all of us federating units, is its.”

Speaking further, Governor Fayose said; “Fiscal federalism is not manifesting in the agenda of this government. The way they are running the affairs of this country is shrouded in secrecy. We will definitely go to Court and ask questions.” Expressing the fear that the $1 billion Eurobond may plunge the nation into more seriuos economic woes as its repayment was sheduled to last till 2032.


Fayose said: “the APC government is behaving like the prodigal son who asked for his inheritance and spend it lavishly. “It is a prodigal government who wants to destroy this country. The rate at which they are taking loans which would keep this country indebted till 2032 is quite unfortunate. “Currently our currency has been badly devalued to N500 to a Dollar. So, how do we pay back the Dollar? They went to tie the money to the source; the accruers outside the country where crude oil revenue goes.

“Apparently, they don’t care what happens tomorrow. They said they want to use the money to fund 2016, 2017, 2018 budgets which means after they are gone, the country can go into blazes and our children’s children can wallop in indebtedness. How can you appreciate that?

“This rate of borrowing would lead this country into serious challenge. At this same time, they are saying we should save for the raining day. I just want our people to know that the APC government is taking us to another side of life, one is to destroy our economy, the other is death.”

http://www.vanguardngr.com/2017/02/1bn-eurobond-fayose-knocks-fg-says-apc-govt-behaving-like-prodigal-son/

the ROM get bug ni

Uncle Fayose has a point but he needs to calm down.

EFCC keeps collecting _looted_ monies while the FG keeps borrowing. Who is deceiving who?

Amaechi we warned you and your APC accolytes .... Now this was how amaechi and co heckled the FG then under GEJ at every opportunity to the extent that we could not save....... It's you people's turn now...enjoy
Fayose has raised very valid governance points in here... Politics aside

This man on this again I can never take him serious joor coz he owed workers salary.

Nogodye:
This man on this again I can never take him serious joor coz he owned workers salary.

You should have attacked the massage with facts instead.
ApC has lost idea on what to do in order to take the country that is dip-necked in recession out. They taught flooding the economy with liquid cash without any clear cut policies is the way out, this will rather cause more inflation.
Taking such bond is just like postponing the doom day for the future generation to come and suffer.

simplemach:
EFFC keeps collecting _looted_ monies while the FG keeps borrowing. Who is deceiving who?

This years budget is almost N7tr . Are all thé monies recovered up to N2tr?

Moreover , you dont really expect govt to start spending monies when some culprits are still contesting théir prosecution in court

Fayose my nigga, oya Sarrki come and defend your master. And I see someone below me he's so lost he decided to attack the messenger instead of the message. Ishi aki

He must talk, no matter how unnecessary, he just gotta talk, lest he develops mouth odour. So i understand mr blabbermouth.

bkool7:


This years budget is almost N7tr . Are all thé monies recovered up to N2tr?

Moreover , you dont really expect govt to start spending monies when some culprits are still contesting théir prosecution in court

Why not the Govt sow there cloth according to the cloth lenght.

The governor, who challenged the federal government to make clarification as to the beneficiaries of the bond, stating whether it would be both the federal government and the federating units or federal government alone, added that; “questions must also be asked on repayment of the Eurobond because deductions from what should accrue to the federation account on a bond to be taken by the federal government for its own use only.”

omenkaLives:
He must talk, no matter how unnecessary, he just gotta talk, lest he develops mouth odour. So i understand mr blabbermouth.

Here you havr it, what do you have yo say about this

“Apparently, they don’t care what happens tomorrow. They said they want to use the money to fund 2016, 2017, 2018 budgets which means after they are gone, the country can go into blazes and our children’s children can wallop in indebtedness. How can you appreciate tha?

engineerboat:


Why not the Govt sow there cloth according to the cloth lenght.

i thought thé govt published the amount of recovered money theyre putting in this years budget

you must have missed that

If the loan us directed toward productive Ventures, let it be. In that way we know that there is a repayment plan.

If not, the next generation should work harder.

bkool7:


i thought thé govt published the amount of recovered money theyre putting in this years budget

you must have missed that

Cut your coat accordinh to your cloth not according to your size.

I'm less concerned with whatever gibberish piblished.

Let goventment spend and plan with whatever they have

bkool7:


i thought thé govt published the amount of recovered money theyre putting in this years budget

you must have missed that

The country is bleeding already and you want yo borrow to fund Corrupted and overbloated budget full of repetition of same projects inter and intra ministries.

This is not a welcome development.

1. Is it the 250 million gate.
2. Grass cuting.
3. Cutleries
4. Dinners materials
5. Aso rock rentage

That they want to borrow money to do

All these people here saying trash n attacking Fayose without valid points, my question to you all is, did y'all read and saw the points he made?

When he talks, they'll say his mouth is smelling. He raised a valid point, questions Nigerians should be asking but NO, most have chosen to attack him without any valid argument to counter the issue he raised.

Youths of nowadays tho, old men dey use una future dey joke and una still dey shout APC n PDP. I really hope there'll be a tomorrow for us to lead.

PDP ruined Nigeria.

.

engineerboat:
Governor of Ekiti State and Chairman of the Peoples’ Democratic Party (PDP) Governors’ Forum, Mr. Ayodele Fayose has described the Federal Government’s plan to secure Eurobond which re-payment would last till 2032, as act like that of the Biblical prodigal son, expressing the fear that the loan may plunge the nation into pro-longed economic misery.

The governor, who challenged the federal government to make clarification as to the beneficiaries of the bond, stating whether it would be both the federal government and the federating units or federal government alone, added that; “questions must also be asked on repayment of the Eurobond because deductions from what should accrue to the federation account on a bond to be taken by the federal government for its own use only.”


In a statement issued on Friday, by his Chief Press Secretary, Idowu Adelusi, the governor said; “What I’m even worried about and which they must explain to us is that you cannot get a bond without committing it to the source.

“Is the repayment going to be made by direct deductions from Nigeria’s crude oil sales or from federal government share from the federation account? “If it is going to be made directly from proceeds of crude oil accruing to Nigeria as a country, then the bond belongs to the federal, state and local governments and not federal government alone.

“The federal government is just one of the federating units making up Nigeria and revenue accruing to the country cannot be used to repay bond taken by the federal government for its own use alone. “The federal government must therefore tell Nigerians how it intends to repay the facility from now till 2032.

If it is going to be through direct deductions from revenue accruing to Nigeria, such that money would be taken from source which would not be part of the accruers to the central body, it means the $1 billion bond belongs to Nigerians and it must be shared among the federating units. “So, we have to find out and take steps. It is either they bring the money and we share it; we take our percentage and they take theirs. The federal government cannot take that money and take it from source and tell us that the money, which belongs to all of us federating units, is its.”

Speaking further, Governor Fayose said; “Fiscal federalism is not manifesting in the agenda of this government. The way they are running the affairs of this country is shrouded in secrecy. We will definitely go to Court and ask questions.” Expressing the fear that the $1 billion Eurobond may plunge the nation into more seriuos economic woes as its repayment was sheduled to last till 2032.


Fayose said: “the APC government is behaving like the prodigal son who asked for his inheritance and spend it lavishly. “It is a prodigal government who wants to destroy this country. The rate at which they are taking loans which would keep this country indebted till 2032 is quite unfortunate. “Currently our currency has been badly devalued to N500 to a Dollar. So, how do we pay back the Dollar? They went to tie the money to the source; the accruers outside the country where crude oil revenue goes.

“Apparently, they don’t care what happens tomorrow. They said they want to use the money to fund 2016, 2017, 2018 budgets which means after they are gone, the country can go into blazes and our children’s children can wallop in indebtedness. How can you appreciate that?

“This rate of borrowing would lead this country into serious challenge. At this same time, they are saying we should save for the raining day. I just want our people to know that the APC government is taking us to another side of life, one is to destroy our economy, the other is death.”

http://www.vanguardngr.com/2017/02/1bn-eurobond-fayose-knocks-fg-says-apc-govt-behaving-like-prodigal-son/

I just tire for this country

I hope we won't be worse off than Zimbabwe,Somalia,and all these extremely poor nations after APC is done with us.

This Afonja governor the only pdp governor in Southwest that has balls the rest are tinubu puppets

For your mouth?

Fayose is an enemy of progress who only wants to score cheap political points.only fools and enemies of progress like him,swallows all his words without thinking.
All govt. all over d world borrow,d question is not whether to borrow or not, but d question is how d borrowed funds would be utilized.
Its like two ppl borrowing money, one wants to use his to throw a party,while d other want to use his to build a house, which would be rented out to tenants.
The PDP threw parties with d money they generated and borrowed,but judging by d num of capital projects currently being embarked upon by d APC govt,I am confident if they borrow,paying back wont be a problem,as Infrastructural development would attract more investments which would increase d nations GDP and subsequently better our economy.

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maxiuc:
This Afonja governor the only pdp governor in Southwest that has balls the rest are tinubu puppets

mention any one from your region.

It requires the collective will of every Nigerian for our dear country to survive irrespective of our religious, ethnic or political affiliations.

Hopeless man.All this rant is only geared towards misleading the gullible ones from knowing whom this tags is.....a mere deceitful vagabond,sensless thief and the destroyer of those he is pretending to protect

omowolewa:
If the loan us directed toward productive Ventures, let it be. In that way we know that there is a repayment plan.

If not, the next generation should work harder.

The loan is always directed towards productive ventures, the only problem is that it will always CHANGE direction once the money comes. Afterall someone took loan before election campaign to pay salaries and other development projects but as soon as the loan was approved by the State Assembly, no project was seen, only part payment was paid for salaries yet money dished out at the campaign.
If you think I'm lying, ask Amaechi.... Not Rotimi o

IpobExposed:
PDP ruined Nigeria.

A man who doesn't know when the rain started beating him, will not know where the rain stopped beating him.