₦airaland Forum

In July 2015, The Ogun State House of Assembly approved the request of the state Governor, Ibikunle Amosun, in authorizing the restructuring of the the state’s commercial bank loans into Federal Government Bonds.

The Assembly approved the authorization of deductions from the State’s Federation Account and Allocation Committee allocations as may be required to service the FGN Bonds.

The approval was granted through a resolution unanimously passed consequent upon a motion moved by the Majority Leader, Adeyinka Mafe, seconded by the member representing Ijebu-North I State Constituency, Bowale Solaja, and supported by the Whole House.

Mr. Mafe, while opening debate on the motion stated that the system would reduce debt servicing by the State government, hence more funds would be available to government to finance projects that would enhance the socio- economic status of the people of the State.

Other members who supported the motion include the Deputy Speaker, Olakunle Oluomo, Chief Whip, Idowu Olowofuja, Harrison Adeyemi, Victor Fasanya and Israel Jolaoso who posited that the rescheduling of the State Loans to Commercial Banks would give relief to the State and create access to more fund in financing government projects.

In their on contributions Rasaq Oduntan, Adebowale Ojuri, Juliana Akintayo and Adebiyi Adeleye all agreed that the loan restructuring which would be a single digit interest rate would give room for long term loan repayment spread for a longer period.

They added that the State Internally Generated Revenue would be free from debt servicing, which would further boost the financial capacity of the state in meeting its obligations including the payment of arrears of gratuities to retirees and workers’ deductions.

Also on their part, Tunde Sanusi, Akingbade Jemili, Olayiwola Ojodu, Akanbi Bankole, Olusola Sonuga and Olufowobi Oyenuga were of the opinion that the structure would generate improved infrastructural development which would in turn create more employment opportunities as more business activities would spring up for the benefit of the people.

The lawmakers further appealed to the citizenry to support the State Government’s commitment towards improving its internally generated revenue to complement the loan restructuring.

The Speaker, Suraju Adekunbi, in his response appreciated his colleagues for the debate which also served as insight on government’s intention in giving the best to the State, clarifying that the approval was one of the conditions needed for the granting of the loan restructuring.


https://www.premiumtimesng.com/regional/ssouth-west/187542-ogun-assembly-approves-gov-amosuns-loan-restructuring-request.html?tztc=1

Chai
They took loan and loot it thereby mortgaging the future of the state. Now they are telling the citizens to pay more tax so they can see what to loot again.
Nigeria politicians are the most wicked set of people on the face of the planet

I don't blame people who are of the opinion that a military government is far better than a democracy.
In military regime the money would have been looted by very few people mostly the Governor and maybe the commissioner of Finance and few bank managers.
But now, the Governor, HAs members, commissioner of Finance and bank managers

But their minions will still be hailing them while suffering and smiling. That was how they hailed baba half salary to high heavens before he fell out with the heroin trafficker and became their worst enemy.

Still, the Eleyi governor will have something to loot.