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A cross section of Ogun State indigenes
and residents have risen in unison to
back the initiative of the Otunba Gbenga
Daniel administration to access the bond
market to finance its developmental
projects and give the state finances a
shot in the arm. That was the consensus
delivered through a communiqué at the
end of a one-day Ogun Stakeholders’
Forum presided over by the Governor at
the Valley View Auditorium, Oke-Igbein,
Abeokuta on Wednesday, 14th
July, 2010. The Stakeholders were
reacting to the Governor’s
State-of-the-State Report titled
“Squeezing Water from the Rock” where he
painstakingly apprised the audience with
position of
affairs in all sectors of the State
including the resource and expenditure
profile of the State, and the utmost
need to access the bond market towards
sustaining the pace of development of
the State. The Governor told the
stakeholders that while the State’s
grosses an average of N3 Billion from
the Federation account and internally
generated revenue, its monthly
expenditure profile was close to
N5Billion, leaving a deficit of N2
Billion monthly. He said it was the
necessity to cut the deficit which is
now being financed by high interest
short term funds that the Government
opted to finance its long term
developmental project with long term
fund from the bond market. He said the
bond process commenced in 2008, and was
actually included in the 2009
appropriation bill to the Ogun State
House of Assembly. And the same exercise
was repeated in 2009 for the 2010 budget
proposal. “My dear people of Ogun
State, while we will
not foreclose further discussion on the
issue, as we shall continue to bridge
the gulf of misunderstanding, not only
on the bond issue, we, as a responsible
government, will not succumb to any
unfair dealings because it is
unacceptable that one arm of government
should hold the entire people of Ogun
State to ransom for whatever reason, be
it on account of economic consideration
or for selfish political interest” the
Governor told the Stakeholders.
The Governor’s address was followed by
a no-hold-barred Question and Answer
session during
which the Stakeholders bared their minds
on burning issues affecting the State.
At the end of the deliberation, the
stakeholders agreed to send a delegation
to the Ogun House of Assembly for
dialogue and proper education on the
need for the members to give the bond
issue a speedy and favourable
consideration.
They also want the debate on Bond Issue
to be taken to the various
constituencies in form of Village Square
Meeting and the Labour Unions to be
carried along in the task of
enlightening the people on its
desirability. The participants agreed
that Ogun State can only meet its
obligation on counterpart funds on
various projects and programmes when the
Bond is accessed.
While acknowledging that all needed
information on bond have already been
provided to the Ogun State House of
Assembly the Stakeholders appealed to
the members of the Ogun State House of
Assembly to reconsider their stand on
the Bond in the interest of the people
of Ogun State
The consensus of the Forum which was
attended by members of the State
Executive Council, members of the Ogun
State Elders Consultative forum, some
members of the Ogun State House of
Assembly, royal fathers from the four
zones of the State, representatives of
professional bodies, frontline
politicians, representatives of the
State Community Development Council,
labour unions, civil society groups,
media organizations, the clergy, student
bodies amongst others is that accessing
the Bond is desirable and that urgent
steps should be taken to actualize it in
view of the benefits desirable there
from.
Adegbenro Adebanjo,Chief Press
Secretary to the Governor
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