The All Progressives Congress (APC) in Oyo State on Friday slammed Governor Seyi Makinde, and the State House of Assembly over the state’s rising debt profile, IgbereTV reports
This followed the Assembly’s approval of N2billion loan for counterpart funding of donor-assisted projects, including a N3.5 billion overdraft for salary at Thursday’s plenary in Ibadan
The APC chairman in the state, Isaac Omodewu, who reacted to the development in a statement on Friday, described the Makinde’s administration as reckless, and wicked for taking the loan
The party, however, advised the government to restructure its economic policies, and repurpose the state’s improved Internally Generated Revenue (IGR).
The statement read: “We are still shocked as a political party to hear that Governor Seyi Makinde has obtained approval to take an additional N2bn loan from a domestic source at a concessional rate of 12 percent per annum and a repayment period of 12 months as well as a N3.5bn overdraft to pay salaries despite claims of increased internally generated revenue and the deployment of public-private partnership arrangements in financing many of the projects being undertaken. This is particularly appalling as many of the projects financed by the numerous loans remain unfinished and inconclusive.
“It is thus saddening and shocking that the Oyo State’s economy has been pushed to the point where overdrafts are being taken to pay salaries while billions are wasted monthly on powering street lights with diesel generators after the removal of cheaper and environmentally-friendly solar-powered street lights
