Ogun state governor has said that without taking bond, the government can not fulfill most of its programs. The house are adamant that they will not sell the future of the state by approving what they describe as a ridiculous enslavement. They said 60 billion naira is too much. The governor insists that he needs the bond to provide projects like airport, free trade zone, power projects and many more. What is your view?

The question i want to ask the house of assembly is this, has it been that it was in the first term of the governor that he requested for the bond, wont you have given him? considering the rapport between you at that time and the way your are getting contracts from the state govt, and this one for the governor, what have you been doing with the previous state funds?. if you have done well with it then try to prevail on the house to gather public opinion before they close the door on the bond.

The public should be the one to determine the issue as its affects them most, not the governor nor the assembly, as all of you could have travelled out of the country if the money is not use judiciously and the people are paying the price,and also if the house refusal leads to a stagnation in the development of the state due to lack of funds for the government to provide basic amenities.

Unfortunately nigeria does not have good public opinion as majority of the people are impoverished and could not make genuine decisions once they are giving peanuts, this your poverty development party sha. Only you sabi o.  What a pity on the state.

Simple solution, scrap the state.
Merge it with Ekiti (another state waiting to blow up) and Ondo. There are too many states in Nigeria.

Why create states that can't fund themselves? Whats the rationale?

seanet02:

Ogun state governor has said that without taking bond, the government can not fulfill most of its programs. The house are adamant that they will not sell the future of the state by approving what they describe as a ridiculous enslavement. They said 60 billion naira is too much. The governor insists that he needs the bond to provide projects like[b] airport, free trade zone, power projects[/b] and many more. What is your view, the question i want to ask the house of assembly is this, has it been that it was in the first term of the governor that he requested for the bond, wont you have given him considering the rapport between you at that time and they way your are getting contracts from the state govt, and this one for the governor, what have you been doing with the previous state funds, if you have done well with it then try to prevail on the house to gather public opinion before they close the door on the bond. The public should be the one to determine the issue, not the governor nor the assembly, as all of you will have travelled out of the country if the money is not use judiciously and the people are paying the price,and also if the house refusal leads to a stagnation in the development of the state due to lack of funds for the government to provide basic amenities. Unfortunately nigeria does not have good public opinion as majority of the people are impoverished and could not make genuine decisions once they are giving peanuts. What a pity on the state.[color=#990000][/color]

I can understand the power project, but the airport and free trade zone are white elephant project? Have any free trade zone worked in Nigeria? for you to have a successful free trade zone you need some comparative advantage. But since we do not produce and we are not located near a producing country how can you have advantage over Dubia that is close to China, Japan, Malaysia, etc. The middle east historically had always been a trade zone for thousands of years, so i do not think we can compete in that regard.

Please tell me how the government plans to pay back this money? Because the monthly egunje from Abuja would continue to dwindle while the recurrent expenditure will continue to sky rocket.

Projects that can develop a people are projects that can develop the individual into making him more productive.

1. Education
2. Agriculture.
3. Medicare.
4. Good transportation
5. Good housing.

@beef. Seems you are not a Nigerian, ogun and ekiti does share any boundaries, so what are you talking about, accept that why create states that can not fund themselves, you make a point there. You get 2000 dollars for that. Just go to the nearest central bank and ask of your own share of the haliburton scandal.

seanet02:

@beef. Seems you are not a Nigerian, ogun and ekiti does share any boundaries, so what are you talking about, accept that why create states that can not fund themselves, you make a point there. You get 2000 dollars for that. Just go to the nearest central bank and ask of your own share of the haliburton scandal.

Check the bolded part of my post (reposted again below, just for your benefit.
Halliburton? ==shakes head in sadness== If only, reading had been your easiest skill, you wouldn't be practising needless rudeness now.

. . .And the user name is Beaf, not beef. Thank you.

Beaf:

Simple solution, scrap the state.
Merge it with Ekiti (another state waiting to blow up) [size=14pt]and Ondo[/size]. There are too many states in Nigeria.

Why create states that can't fund themselves? Whats the rationale?

@wiznet you are right and wrong airport and free trade zone can work if properly done they way it is being done but you know this politicians you cant trust them with your salary talk less of 60 billion naira. Yes power and your other quotes are reasonable. You also get 20000 dollars for that, just go to the nearest central bank and ask of your own share of the 18 billion dollars spent on the power sector, it is still with the central bank, at least whe are not seeing any 24 hours electricity, so where is the money? Its av the c.b.n so go and get your own share.

Beaf:

Simple solution, scrap the state.
[b]Merge it with Ekiti (another state waiting to blow up) [/b]and Ondo. There are too many states in Nigeria.

Why create states that can't fund themselves? Whats the rationale?

Excuse me?

And you know this because? Anything to support your claim?

@beaf. I am not here to insult you so dont insult me. My question to you is this, on which map did ogun and ekiti share the same boundary to warrant being merged together? Just answer before blasting grammar here.

If California went bankrupt, why can't Ogun follow suit?. They need to increase taxes especially on those igbo traders who make millions yearly while they pay meager taxes. I support taxing the rich heavily to sustain the poor.

If California went bankrupt, why can't Ogun follow suit?. They need to increase taxes especially on those igbo traders who make millions yearly while they pay meager taxes.

here we go again with Yoruba and igbo this and that.
by the way i thought the state was so viable they can not wait to carve out IJEBU STATE from it.
Gbenga Daniel, just go je je.

FL Gators:

Excuse me?

And you know this because? Anything to support your claim?

I've ruffled elegant feathers!

Its news stories like the one at this link that have informed my opinion http://www.businessdayonline.com/index.php?option=com_content&view=article&id=11117:ekiti-government-to-get-bank-loan-to-pay-salary-arrears&catid=1:latest-news&Itemid=18

I believe its best to merge states until economic output justifies splitting on ethnic or other grounds. 90% of the states in Nigeria today were created prematurely; a little more time would have served indegenes and the nation much better.

The truth about state creation, is that its a tool to bribe criminals (by bringing the loot nearer their ugly paws), as well as intensify debates and conflicts of ethnicity. Otherwise, whats the point of creating states in areas that are not yet economically viable? If the intent was to boost the regional economy, then a well thought out and sincere action plan would have been the obvious option. State creation has been (and will continue to be) a serial failure across Nigeria.

seanet02:

@beaf. I am not here to insult you so dont insult me. My question to you is this, on which map did ogun and ekiti share the same boundary to warrant being merged together? Just answer before blasting grammar here.

I am guessing you missed something in my earlier post (or you don't know where Ondo is). So here it is again:

Check the bolded part of my post (reposted again below, just for your benefit.
Halliburton? ==shakes head in sadness== If only, reading had been your easiest skill, you wouldn't be practising needless rudeness now.

. . .And the user name is Beaf, not beef. Thank you.

Beaf:
Simple solution, scrap the state.
Merge it with Ekiti (another state waiting to blow up)[size=14pt] and Ondo[/size]. There are too many states in Nigeria.

Why create states that can't fund themselves? Whats the rationale?

They are afraid of bonds because they know they are going to waste it by siphoning the funds.The blood stream of government all over the world is dept and as long as the money remains in the system and been used for proper development,the wheel will keep spinning.

Money is a rolling stone and for places like africa,the effects of money are still yet to be felt.

Out of curiosity, how much was Ogun state last budget?

Another alarmist story that will soon turn to fact.

@Poster

So a government that cannot afford new projects is bankrupt?

That is like saying a man that can not afford a new car is bankrupt.

Please check the meaning of bankrupt before using it next time.

FL Gators:

Excuse me?

And you know this because? Anything to support your claim?

The more important thing is: Why will Ogun state want to join yeye states like Ekiti?

Sagamite:

The more important thing is: Why will Ogun state want to join yeye states like Ekiti? 

I think it's the other way around, mr man
But since my state is peace loving and always welcome with open arms, Ogun state is always welcome.

Beaf:

I've ruffled elegant feathers!

Its news stories like the one at this link that have informed my opinion http://www.businessdayonline.com/index.php?option=com_content&view=article&id=11117:ekiti-government-to-get-bank-loan-to-pay-salary-arrears&catid=1:latest-news&Itemid=18

I believe its best to merge states until economic output justifies splitting on ethnic or other grounds. 90% of the states in Nigeria today were created prematurely; a little more time would have served indegenes and the nation much better.

The truth about state creation, is that its a tool to bribe criminals (by bringing the loot nearer their ugly paws), as well as intensify debates and conflicts of ethnicity. Otherwise, whats the point of creating states in areas that are not yet economically viable? If the intent was to boost the regional economy, then a well thought out and sincere action plan would have been the obvious option. State creation has been (and will continue to be) a serial failure across Nigeria.

Hmm interesting. . . .

~sigh~

seanet02:

@wiznet you are right and wrong airport and free trade zone can work if properly done they way it is being done but you know this politicians you cant trust them with your salary talk less of 60 billion naira. Yes power and your other quotes are reasonable. You also get 20000 dollars for that, just go to the nearest central bank and ask of your own share of the 18 billion dollars spent on the power sector, it is still with the central bank, at least whe are not seeing any 24 hours electricity, so where is the money? Its av the c.b.n so go and get your own share.

I might be an economics illiterate, so please explain to how a free trade zone can work in Nigeria, because that is now the signature tune of every coastal state right now. How can you get Chinese goods to be cheaper that those in Dubai, so just because import duties are going to be waived, you think the goods are going to be cheaper than buying it in China. itself. Furthermore, which countries are these free trade zones going to serve? west Africa?. Most other parts of Africa are close to the middle east and so can get their goods there easily. As i had said earlier, the Arabs are positioned for trade, and trade routes had established there for thousands of years. We cannot just copy them without understanding the background of trading societies.

The 18 billion dollars is not in Central Bank, it is in European, American and Middle eastern banks. CBN itself says Nigeria is going broke.

@sagamite dont you know that an entity that is earning revenue and paying a debt more than it is earning will go bankrupt, so you cant make simple calculations, i am not against the governor nor the assembly, what we want the poverty development party to do is to put ogun future in mind before taking any bond, if it is in the interest of the state populace, so be it, if it is not them capital no, cos it seems you are supporting the governor because you are from sagamu, better reason well before talking on a great forum like nairaland, this place is not meant for animals like you. You deserve to be in the zoo.

I think the man should be allowed to float the bonds, if he does not see any buyers he might learn to cut his coat according to his size. What individual or investment company would put his money in projects that does not guarantee returns.

Ogun State float 60Billion naira bonds, thats roughly $600M na mouth? 

With that kind of money where has New York, Paris and London or Dubai, let me not forget Lagos gone to, with projects that will show you your money even before investing. Now its that Land locked Ogun state.

We are watching.

@wiznet Dont mean to be rude o where did you learn that free trade zone is only meant for importation? Let me give you some lecture, a free trade zone is meant to boost trading activities in areas where it is cited. It is mainly meant for massive industrialization of an area. It is not meant for importation. With free trade zone govt provide some incentives like tax cancelation, export tariff cancellation and good incentives in areas where it is siting a free trade zone. No country will establish a free trade zone to promote importation it doesnt just make sense to promote the products of other countries.

@ikomi, don't be bemused at the audacity of this politician at raising even the most ludicrous bond or financing one inferior project. the way way they go about it is using bank in which they have large shareS ,in buying these ridiculous bonds. by so doing they become beneficiary  and the state is in their pocket. guess who now owns WEMA BANK?

ode remo:

@ikomi, don't be bemused at the audacity of this politician at raising even the most ludicrous bond or financing one inferior project. the way way they go about it is using bank in which they have large shareS ,in buying these ridiculous bonds. by so doing they become beneficiary and the state is in their pocket. guess who now owns WEMA BANK?

That is more like fraud, although I suspected that, how greedy this people can be, how greedy, such that it is turning to absolute madness.

seanet02:

@wiznet Dont mean to be rude o where did you learn that free trade zone is only meant for importation? Let me give you some lecture, a free trade zone is meant to boost trading activities in areas where it is cited. It is mainly meant for massive industrialization of an area. It is not meant for importation. With free trade zone govt provide some incentives like tax cancelation, export tariff cancellation and good incentives in areas where it is siting a free trade zone. No country will establish a free trade zone to promote importation it doesnt just make sense to promote the products of other countries.

Can you please further my economic education by explaining to me. Since we produce and export very few things and already import most of what we use where they are we going to get the goods to trade in a free trade zone?.

Countries establish free trade zones to trade goods from other parts and not because they are industrialized.  In facts the industrialized nations have no free trade zones, it is countries like UAE That manufactures nothing that has the most successful free trade zones.

Ikomi, you be Itse? related to the royal family?

these politicians are bereft of any meaningful ideas to move us as a nation forward , cant take that decision that require gut./grit. OGD started setting up useless projects like OGROMA , OGROPEP, OGRO THIS AND THAT , fine after more or less 8 yrs what become of these idiotic projects. ? what become of these stupid projects will definitely become of that 60bill. bond he is seeking. lets look beyond the glamour.that's all.

What does a man who's tenure ends next year need 60billion for? The airport he did not build since 2003 or the free trade zone he did not create in that same period he wants to do in 1 year.

Please reasonable Nigerians, we shouldn't even be debating the viability of the projects in Ogun cos its clear the guy just wants to rob the state.

I can almost assure you that he will soon announce that he will sponsor all the state house members to the world cup in SA and just before the world cup starts, they will approve the bond.

The government of the state needs to be audited from the start of its tenure.

Where is the EFCC?

Present EFCC should be written an efcc.

nonsense. When his tenure remains less than a year