FAYEMI: LET'S CHANNEL BORROWED FUNDS TO REGENERATIVE AREAS OF ECONOMY

...SAYS NGF WAITING ON SUPREME COURT TO RESOLVE VAT DISPUTE

...PREDICTS VICTORY FOR APC IN 2023

The Ekiti State Governor, Dr. Kayode Fayemi, has said there is need to channel borrowed funds to regenerative ventures to strengthen the nation's economy and generate more jobs for the citizens.

Dr. Fayemi said there was nothing wrong in the recent call made by President Muhammadu Buhari for a downward review of the nation's debt portfolio owing to the prevailing revenue challenges facing the country.

He said the Nigeria Governors' Forum (NGF), which he chairs, is waiting on the Supreme Court on the final resolution of the dispute between the Federal Government and some states of the federation on the collection of the Value Added Tax (VAT).

The Ekiti helmsman expressed confidence that his party, the All Progressives Congress (APC) would still form the next government at the federal level and win majority of the states of the federation after the conduct of the 2023 general elections noting that the party for now was interested in the stability and security of the country.

Dr. Fayemi stated these while fielding questions on THISDAY LIVE, an interview programme on ARISE TELEVISION monitored in Ado Ekiti on Sunday. Dr. Fayemi also advocated that the Petroleum Industry Act should be implemented equitably among the nation's federating units.

The Governor said the security of the people of Ekiti State was paramount to his administration, adding that the state has been leveraging on the synergy between the mainstream security institutions and the Amotekun Corps to secure lives and property of dwellers of the Land of Honour.

Predicting victory for APC in 2023, he said: "Contentions are always going to happen. APC is a big Party with different tendencies and there will be contentions for and against. We are very confident that this Party will produce the next government in this country in 2023 but before we get there, we are more focused on the country now. The Party is more interested in the stability and security of Nigeria. What is happening internally is something we will resolve internally."

Responding to a question on borrowed funds, Dr. Fayemi said: "The President Buhari administration ought to be commended on the utilization of money being borrowed. It has utilized these monies more on infrastructure development than consumption which has aided economic growth.

"Clearly, it would be great not to borrow but it would also be great to redirect the funds that we have to regenerative areas of our economy. Realistically, we have a revenue challenge which has not enabled us build an economy that responds to the yearnings of Nigerians.

"I don’t think there is anything wrong in the President as a major voice in international affair, particularly in Africa and the black world calling for a review of debt management and arrangements."

Lending his voice to the VAT controversy, Dr. Fayemi said: "For us at the Nigerian Governors’ Forum, this is an issue that we are looking both legally and politically. But our take on this is that the Supreme Court should accelerate its decision so that we have clarity over who should be in charge of Value Added Tax (VAT). Whether it is the Federal Inland Revenue Service, or States.

"States that have gone to court believe clearly that this responsibility evolves according to their own understanding of what the constitution says. The important thing is that our tax system is problematic, confusing, and contradictory. We need to do a lot more to clarify things so that it can give room for more efficient and effective collection of taxes."

Lending his voice to the new Petroleum Industry Act, the NGF chair said: "We do not believe that the Ministry of Finance (incorporated) and the Ministry of Petroleum Resources should be the sole owner of the company that have emerged out of the Petroleum Act because we believe that the entire

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Buhari always borrowing money to construct railway from naija to Niger, Chad, etc, I keep wondering who's gonna pay for it. If the people of southeast complain the will remind them of how part of the borrowings will be channeled into 2nd niger bridge. Hmmm, this same bridge that they said they used the recovered loot to build. Indeed there was a country

Rail to Niger republic..
Naval base in Kano.. etc.

K

Ok

U try, borrowed funds to construct railway to Niger,Mali and so on. E go choke una very soon.

I dont know what is giving apchit members false hope because I dont know what they want to campaign on. Are they going to make another set of false promises like they did in 2015 to decieve Nigerian or they will still blame pdp 16 years in power for their total failure?

States borrowed money, whenever Nigeria's debt is displayed, the portion belonging to states are not indicated. Can Fayemi explain what he and his governors who borrowed money used the money for especially in regenerating the "economy".

Ekiti States has nothing to show for when it comes to Revenue, but we have a silly Governor who will rather say Nigeria has a revenue problem Not Ekiti has a Revenue problem. They mask their incompetence by hiding under the name Nigeria. If States are performing well very few people especially youths will be unemployed.

The country dey somehow...


The way this people borrow money I nd aw dem take dey spend am he no dey different from someone wey borrow money from Lapo use am go buy food stuff...

Shey we no get anything for this country ni wey fit dey bring us money without borrowing to survive...

Continue but remember...
those who go a-borrowing, go a-sorrowing”
meaning that borrowing always ends in regrets

THAT IS A STANDARD ENGINEER SPEAKING. HE IS COOOOORECT.

AND THE BORROWED FUND MUST BE SPENT EQUALLY PER STATE ON REGULATED INFRASTRUCTURAL UNIFORM PROJECTS.

Too much sense.

Keyword here regenerative

For a better understanding about this keyword, just Google search "regeneration in biology" !

THAT IS A STANDARD ENGINEER SPEAKING. HE IS COOOOORECT.

AND THE BORROWED FUND MUST BE SPENT EQUALLY PER STATE ON REGULATED INFRASTRUCTURAL UNIFORM PROJECTS.

NASS MUST AUTHORIZE THE PROJECTS.

Nigeria is too blessed to be seeking for debt forgiveness.

We pray for a better Economy

timothyuche1:
Buhari always borrowing money to construct railway from naija to Niger, Chad, etc, I keep wondering who's gonna pay for it. If the people of southeast complain the will remind them of how part of the borrowings will be channeled into 2nd niger bridge. Hmmm, this same bridge that they said they used the recovered loot to build. Indeed there was a country

The second Niger bridge is used to deceive the uninformed or unintelligent people. A bridge built by FG solely to generate revenue from people of South East, which will definitely increase cost of transportation amongst passengers from asaba to Onitsha due to toll gate thereby increasing poverty in the region.

I have always argued that those borrowed funds are the must idiotic policy of the government in building infrastructure that cannot pay back itself but depending on meagre oil revenue.

New constructed rail from Lagos to Ibadan cannot generate enough funds per year to pay back part of the loan collected from China and some still want government to take more loans.

Yet people are wondering how we got to where we are. You see, action of this present administration will increase so much poverty in few years to come.this is because so subsidy we get like in electricity and education might be stopped due to competing demands.

In other words you mean,let us(APC) squander the one we are about to borrow and make sure the next government that comes will only be servicing and paying debts till they leave office

dejol88:

The second Niger bridge is used to deceive the uninformed or unintelligent people. A bridge built by FG solely to generate revenue from people of South East, which will definitely increase cost of transportation amongst passengers from asaba to Onitsha due to toll gate thereby increasing poverty in the region.

I have always argued that those borrowed funds are the must idiotic policy of the government in building infrastructure that cannot pay back itself but depending on meagre oil revenue.

New constructed rail from Lagos to Ibadan cannot generate enough funds per year to pay back part of the loan collected from China and some still want government to take more loans.

Yet people are wondering how we got to where we are. You see, action of this present administration will increase so much poverty in few years to come.this is because so subsidy we get like in electricity and education might be stopped due to competing demands.

you are absolutely right