The Ondo State government on Sunday explained that the N50b loan bond approved by the State House of Assembly last week is to be used for developmental projects initiated by the administration of Governor Rotimi Akeredolu.

The State Commissioner for Information and Orientation, Mr Donald Ojogo, who disclosed this while speaking with newsmen dismissed the claim that the loan was secured to fund the re-election bid of Akeredolu.

Ojogo, who emphasised the need to develop infrastructural facilities in the state said the bond loan became necessary in order to pay contractors handling various capital projects in the state, especially contractors handling road projects.

He assured that the money from the capital market would not come to the purse of the state government but it would be spent directly on government’s projects.

Ojogo, explained that Akeredolu would rather spend such huge bond on legacy projects that would impact positively on the lives of the citizenry instead of using same for any re-election bid.

He said, “The bond as we all know is a N50 billion bond that was approved by the House of Assembly on Thursday. That bond is meant to enhance not just to sustain the development that has been achieved but to further engender and sustain development in the state.

“From that bond N50 billion, 50 kobo or 50 cents of that money is not coming into government purse. It is between the capital market and the banks where the fund will be domicile.

“The governor didn’t take loan or bond to win his election in 2016, the people freely gave him their mandate, so he can’t take loan to do any re-election.

“Disregard opposition, opposition will always talk, it is part of their job to talk. We all know that the money would not be paid into government’s purse but it will be used to fund all these ongoing and new capital projects directly.”

Ojogo assured the people of the state that contractors would soon return to sites of road projects that are currently experiencing a delay, adding that with the approval of the bond, ongoing projects would be completed in record time.

He said the current administration in the state had been able to pay backlog of salary when it came on board and said, “I don’t need to go back to memory lane. One of the revered policies of the governor has been and it remains the fact that he will not dwell on the past. And that is the policy we have promised to uphold.

Source: https://tribuneonlineng.com/why-we-are-securing-n50bn-loan-bond-ondo-govt/