Ondo PDP, APC Clash Over Akeredolu’s N50bn Bond

The Peoples Democratic Party and All Progressives Congress in Ondo have disagreed over the N50bn bond recently initiated by the state governor, Rotimi Akeredolu, to fund infrastructural development.

Akeredolu, who observers claim is eyeing a second term in office, said that he requested the approval for the N50bn bond from the Ondo State House of Assembly to complete projects already initiated by his administration.

But disagreeing with the governor’s reason for seeking the fund, top members of the Peoples Democratic Party in Ondo described the development as an attempt to plunge the state further into debt.

According to the PDP, the state doesn't need to borrow funds to complete any significant infrastructural projects going by the monthly allocation it gets from the federal account.

Ayo Fadaka, a stalwart of the PDP in Ondo and its Publicity Secretary in the Southwest, accused the government of Akeredolu of wasting the state's resources.

He said, “It is unfortunate that this man is trying to add debt burden on our state.

“What does he need N50bn bond for, what infrastructure is he pursuing? What we do know of his intention is that he is already looking for funds to buy votes during the next election.

“But we want to assure him that, that will not save him.

“When you talk about infrastructural development, you must have a budget before you go and borrow money.

“As far as we are all concerned, the APC government of Akeredolu has no business borrowing N50bn, the state does not even need it.”

Also, PDP spokesperson in the state, Zadok Akintoye, said Governor Akeredolu’s plan to raise N50bn through bond is a sign and indictment of bad leadership especially considering the N52bn debt profile of the state as at 2018.

He said, “The recent approval by the Ondo State House of Assembly for Rotimi Akeredolu to access a loan of 50bn calls for deep concern.

“While we are well aware that states may access loans from the capital market to finance projects that may not be covered by available resources, our concern is that Ondo State is doing so at a time when its financial inflow from Federal allocation, internally generated revenue and other earnings from past investments of the state, are at a fairly steady level.

“Considering our present domestic debt profile of about N52bn as at 2018 and an external debt profile of about $50m, it is worrisome to see that the Akeredolu is resorting to further borrowing rather than reducing the debt burden of the state.”

Reacting to the allegation by the PDP, a chieftain of the APC in the state, Ayoola Bamidele, said Akeredolu had the right to seek a bond in the capital market.

He said, “All the projects lying low in Ondo are due to lack of funds, they would have been completed if money was available.

“So, rather than waiting for federal allocation, Governor Akeredolu decided that there was need to get the N50bn bond.

“The fund is to help him embark on and complete developmental projects in the state.

“I totally disagree that it was meant to fund his second term election bid.”

Also reacting to the allegation by the PDP, spokesperson for the state government, Donald Ojogo, said that Akeredolu will not dwell on baseless issues.

He said, “Rotimi Akeredolu was elected into power not to complain but to provide infrastructure in the state even though there is no money.

“So, the man (governor) decided to think outside the box and one of the noble things he did was to pay regular salaries of workers including the backlog he met on the ground.

“This administration has not received up to N6bn from the federation account since coming on board.

“Rather than going to the bank to obtain a loan, the government decided to go through the bond process.

“This N50b that was approved by the House of Assembly, is only to help sustain and enhance further development in Ondo.

“Let me also make it clear that the bond or money is not coming into the government's purse, it is between the capital market and the banks where the fund will be domiciled.

“This bond is tied to specific projects.”

Politics News AddThis : Original Author : SaharaReporters, New York Disable advertisements :

from All Content
via

These funny food quotes will make you laugh like crazy

Food is not only an essential part of the daily routine but also the most exciting one. We cannot imagine our life without something yummy. How do you make ordinary eating fun and unforgettable? We bring to your attention amazing food quotes which will definitely make you smile. Image: unsplash.com (modified by author) Source: UGC Are you looking for interesting ideas to entertain your interlocutor while having lunch at work or family dinner? Then this article is definitely for you! Good food quotes Below are food quotes, aphorisms and witty statements. This is an exciting and extraordinary collection of the top "pearls of wisdom" on this topic. Here you can find funny jokes and sayings, intelligent thoughts of philosophers and original words of great thinkers and inspiring statuses from social networks, as well as many other things. The best appetite comes without food. I love calories. They are dаmn tasty. An empty stomach is the Devil's playground. Have bre

The Transitional Phase of African Poetry

The Transitional Phase The second phase, which we have chosen to call transitional, is represented by the poetry of writers like Abioseh Nicol, Gabriel Okara, Kwesi Brew, Dennis Brutus, Lenrie Peters and Joseph Kariuki. This is poetry which is written by people we normally refer to as modem and who may be thought of as belonging to the third phase. The characteristics of this poetry are its competent and articulate use of the received European language, its unforced grasp of Africa’s physical, cultural and socio-political environment and often its lyricism. To distinguish this type of poetry we have to refer back to the concept of appropriation we introduced earlier. At the simplest and basic level, the cultural mandate of possessing a people’s piece of the earth involves a mental and emotional homecoming within the physical environment. Poems like Brew’s ‘‘Dry season”, Okara’s “Call of the River Nun”, Nicol’s “The meaning of Africa” and Soyinka’s “Season”, to give a few examples,

The pioneering phase of African Poetry

The pioneering phase We have called the first phase that of the pioneers. But since the phrase “pioneer poets” has often been used of writers of English expression like Osadebay, Casely-Hayford and Dei-Anag, we should point out that our “pioneer phase” also includes Negritude poets of French expression. The poetry of this phase is that of writers in “exile” keenly aware of being colonials, whose identity was under siege. It is a poetry of protest against exploitation and racial discrimination, of agitation for political independence, of nostalgic evocation of Africa’s past and visions of her future. However, although these were themes common to poets of both English and French expression, the obvious differences between the Francophone poets and the Anglophone writers of the 1930s and 1940s have been generally noted. Because of the intensity with which they felt their physical exile from Africa, coupled with their exposure to the experimental contemporary modes of writing in F

EDUPEDIA247

Search This Blog