From Alfred Babs, Ilorin

The Peoples Democratic Party (PDP), which is the main opposition party in Kwara state has disagreed with the state government on the need to seek for N35 billion bond from the Central Bank of Nigeria.

While government said that it would need the bond to fill infrastructure gap in the state and complete some abandoned projects inherited from former administrations, the PDP asked the state governor, Abdulrahman Abdulrazaq to drop the move of taking the bond describing it as ‘reckless’ adding that the people of the state were not in it support.

Chief Press Secretary to the governor, Rafiu Ajakaye said that the bond would be utilized to complete the renovation hub which is an ongoing project embarked upon by the administration as well as fixing Infrastructural facilities in Owu falls, a tourist center, building Gbugbu International Market and developing Agro potentials of the state.

The bond will fund some ongoing projects to completion, and do many more. These projects include the abandoned Kwara State University Campuses at Osi and Ilesha Baruba,  Ilesha Gwanara Road; and a few others. These are projects inherited from the past administration. 

 “Kwara is essentially an agrarian state. Atop the blessing of rich arable lands is its rich tourism potentials. Kwara is home to the Owu Fall, the highest waterfall in West Africa. But it is inaccessible to date. The bond will part-fund the road leading to this treasure. Job-creating projects like garment factory, innovation hub, visual arts centre, film factory, and agroprocessing firms, spread across the state, will also be funded. The government will also construct a flyover to decongest the intractable traffic along the densely populated Tanke axis in Ilorin, along with other roads that would boost economic activities. The Gbugbu international market in Kwara North will receive a fair chunk of the bond to attain its potentials as a melting pot for continental trade.”

Ajakaye continued, “The Kwara bond followed every legal step there is, such as cabinet and legislative approvals. For emphasis, ‘public hearing’ is not a legal requirement in bond issuance. The Debt Management Office (DMO) has not only certified the state as financially healthy to take N35bn or more, it has also green-lighted the procedures so far taken by the government.”

However, PDP in a statement signed by it Publicity Secretary, Tunde Ashaolu asked the governor to immediately drop the idea of the N35b bond, stressing that such ‘reckless move’ would weaken and plunge the State into an uncontrollable debt profile.

The party said, “the public outcry that has greeted the government’s planned borrowing had shown that majority of Kwarans were not in support of the government’s plan, saying this was a reflection that the proposed credit facility was not in the interest of the State.

 “Though we are not against borrowing to fund infrastructure, the State government has however not demonstrated any sincerity, transparency and accountability on the issue as the whole process has been shrouded in secrecy. More worrisome is that the government is driving the process through an unregistered company and unknown individuals”, it said.

According to the party, the manner at which the loan was conceived by the Governor and how his request was hurriedly granted by the State House of Assembly without any form of scrutiny breeds suspicion and suggests there is a sinister motive behind it.

The PDP further alleged that the State government failed to carry Kwarans along on such sensitive and critical matter as it never demanded their input on the desirability of the loan. 

“The argument by the government that there is no law or regulation that calls for a public hearing on proposed borrowings, shows that the government is not committed to transparency and probity it has always mouthed.

“The government has also refused to avail members of the public full details of the loan including its utilization plan. As it stands, Kwarans do not know the exact projects to be funded by the loan, where they will be cited and their impacts to the State.

“Moreover, two years into his administration, the economy of Kwara has become weak and fragile and there is no way taking such huge loans will not hamper the state’s capacity to meet future obligations. Governor Abdulrazaq should not subject Kwarans and future generations of the State to undue debt burden.  

“Governor Abdulrazaq has failed to account for how he has spent the over N100billion FAAC allocations and other cash inflows to the State since he assumed office. The huge cash inflows to the State under this present administration have not translated into better living conditions for Kwarans. There is therefore no public confidence in this government to ensure judicious use of the N35b bond it wants to access.

“The claim by the Governor’s spokesperson, Rafiu Ajakaye that ‘the government has cut waste and cannot in good conscience be accused of profligacy’ is ridiculous and laughable. How could such a claim come from a government that allocated over N300m for the renovation of a single school and over N80m for the renovation of Banquet Hall?”  

The party also lambasted the State House of Assembly for not ensuring due diligence before hurriedly approving Governor Abdulrazaq’s humongous loan request, saying the Speaker, Yakubu Danladi has turned the House to the governor’s rubber stamp.

“We expected that the Assembly would look beyond partisan politics and consider the future of this State before approving such a loan request from the governor. Acting as a rubber stamp to the governor cannot and is not in the interest of Kwara and its people,” it added.  

The PDP denied that the immediate past administration of Abdulfatah Ahmed did not take N20billion bond while the N17 billion bond taken by the administration of former governor Bukola Saraki was deployed to the establishment of Kwara state University (KWASU), Malete.

On the N17billion bond accessed by the administration of Governor Abubakar Bukola Saraki, the PDP said Kwarans are aware of all the projects that were financed through the facility and their positive impacts on the State.

“The bond funded the establishment of Kwara State University (KWASU), Malete, the International Aviation College, Ilorin, the Harmony Advanced Diagnostic Centre, the remodelling of the Ilorin Township Stadium, Upgrading of Asa Dam Waterworks and phase one of Ilorin Water reticulation Projects, Urban and Rural Electrification, Rural and Feeder Road Projects, Ilorin Metropolitan  Square , the Kwara Mall Project, among others.

“With KWASU, the administration of Dr Saraki expanded access to tertiary education for Kwarans and non Kwarans as well, and opened up Malete and neighbouring communities for development. The Harmony Diagnostic Centre boosted healthcare for Kwarans. People from outside the State also come here to access services offered by the Centre, generating more revenue for the State.

“Additionally, the projects financed through the bond created thousands of local jobs for Kwarans and also significantly contributed to the development and economy of the State.“