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The Governor of Ogun State, Otunba
Gbenga Daniel, has said that the
decision of his administration to access
the bond market was based on sound
financial and fiscal projections and as
such it would not show any desperation
in order to access it. Governor Daniel
who spoke at the formal presentation of
the master plan and flag off of the
Abeokuta Central Business District, ACBD,
on Monday said in spite of the consent
given by the State House of Assembly ,
the government would adopt a wait and
see attitude especially because of the
needless controversy the bond matter had
generated due mainly to the way the
former leadership of the House treated
what was essentially a fiscal measure.
The Governor told the audience which
included the Speaker of the Ogun State
House of Assembly Rt. Hon Soyemi Coker,
the Alake of Egbaland Oba Adedotun Aremu
Gbadebo , leaders of the private
sector, bankers and a cross section of
the Ogun State society, that the
inability to access the Bond Market at
the appropriate time was costing the
government about N400 Million monthly
being the cost of the high interest rate
it was paying on the facility used to
finance existing infrastructure such as
the Multi Billion Naira new secretariat
building and other major developmental
projects in the State.
He said based on sound financial
projection he was sure that if his
administration did not take the bond the
succeeding one would do because that was
the only way to maintain the pace of
development and finance projects and
growing expenditure in the state. He
said the people of the State should
brace up for the consequences if the
bond was not eventually accessed in the
life of his administration as there was
no desperation to access the bond market
at all costs.
He said it was wrong for people to
insinuate that the bond was being sought
at the twilight of his administration
noting that the process actually begun
in 2007 while all relevant documentation
and notification had been concluded by
2008.
On the ACBD, the Governor said it was
the anchor project for the urban renewal
scheme in the state saying the
relocation of the old secretariat was in
tandem with the new master plan of the
state and also done to free high net
worth land which is projected to fetch
the
state about N10 Billion when it is
eventually taken up by the private
sector. He said the ACBD would also
generate employment and make Abeokuta a
befitting capital of the Gateway State.
The lead consultant to the project
Apagun Oluwole Olumide said the Business
district would give a new lease of life
to Abeokuta and add value to the
property market in the State. Mrs.
Jokotade Odebunmi, the Commissioner for
Housing whose ministry is driving the
project said it would broaden the
economic base of the State and provide
commercial opportunities for investors
and stakeholders.
Adegbenro Adebanjo,Chief Press Secretary
to the Governor
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