Reps pick holes in Ogun’s $350m loan re­quest

Daily Trust - - NEWS - By Musa Ab­dul­lahi Kr­ishi

Mem­bers of the House of Rep­re­sen­ta­tives com­mit­tee on debt man­age­ment have faulted a $350 mil­lion World Bank loan pro­posal by the Ogun State Gov­ern­ment.

The law­mak­ers dur­ing a meet­ing for the loan ap­proval, with of­fi­cials of the state gov­ern­ment yes­ter­day in Abuja said it ap­peared there was no jus­ti­fi­ca­tion for the loan.

A mem­ber of the panel, Musa Sarkin Adar (APC, Sokoto) won­dered why the state would go for a for­eign loan, when it has all it takes to gen­er­ate funds for its projects.

“I’m a bit wor­ried about why states like Lagos, Ogun and Rivers will go and look for for­eign loan. If states like mine, Sokoto, Ek­iti, Gombe and Cross River would go to look for such loan, it’s un­der­stand­able. I lived in Lagos for 16 years, and I know what Ogun State has. It’s shame­ful for states like yours to go look­ing for such loan,” he said.

On his part, Den­nis Agbo (PDP, Enugu) said the pre­sen­ta­tion by the com­mis­sioner for bud­get and plan­ning, Mrs Aden­rele Adesina was “shabby” be­cause it did not state the projects for which the loan was meant.

Re­spond­ing, Mrs Adesina said en­gage­ment with the World Bank had reached cer­tain stage, but state was yet to com­pile de­tails of ex­pen­di­ture for the ex­pected loan.

Chair­man of the com­mit­tee, Adeyinka Ajayi (APC, Osun) ruled that the state gov­ern­ment should pro­vide de­tails of the loan and how the funds would be dis­bursed.

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