PDP questions Akeredolu over #50bn Loan

ONDO STATE PDP

PRESS RELEASE

THE 50 BILLION NAIRA LOAN: AN INDICTMENT ON BAD LEADERSHIP

The recent approval by the Ondo State House of Assembly for the Rotimi Akeredolu SAN led Ondo State Government to access a loan of 50 billion naira 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 our dear Ondo state is doing so at a time when its financial inflows from Federal Allocation, Internally Generated Revenue (IGR) and other earnings from past investments of the state, are at a fairly steady level. Considering our present domestic debt profile of about 52 billion Naira (as at 2018) and an external debt profile of about $50m, it is worrisome to see that the Akeredolu-led ODSG is resorting to further borrowings rather than reducing the debt per revenue burden on the state.

We also note the quick passage of the bill by the State House of Assembly authorising the Governor to access this loan and would like to draw the attention of this honorable members vested with the mandate of the people to act, speak and defend the interest of our people, to the failure of the Executive arm of government to publicly present a detailed and audited account of funds received and spent on the behalf of the people since this government came into being.

Also please note, that at a time when taxes payable by citizens have almost doubled and recurrent expenditure reduced, one would have expected any responsible government to work at maintaining our current debt exposure rather than increasing it.

We implore citizens of Ondo state to keep asking questions from this government particularly with respect to how state funds are being expended. Allegations of monthly withdrawals of almost a billion naira as security vote and personal imprest by the Governor has remained unanswered by this government.

It is our hope that citizens take record and ensure that our future is saved by rejecting this debt accumulation at the polls.

Thank you

Zadok Akintoye
Director of Media & Publicity, PDP Ondo State

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