What FG is not telling Nigerians about the $1bn Eurobond –Fayose

The Ekiti state governor, Ayodele Fayose has stated that the federal government keeping Nigerians in the dark about the $1 billion Eurobond it is chasing after.

Fayose who is also chairman of the Peoples Democratic Party (PDP) Governors Forum, raised posers by noting that the government at the center has not revealed if the funds will be for its own use, or whether it is on behalf of the other tiers of government.
The governor in a statement released by his Chief Press Secretary, Idowu Adelusi, on Friday demanded that government be clear on whether the $1billion Eurobond would be made for the Federal Government alone or for it, the states and the local governments.

He also urged the government to come clean on the mode of repayment: if it would be deducted from the country’s oil revenue belonging to all tiers of government, or from the federal government’s share alone.

Fayose also said that the federal government’s plan for a $1 billion eurobond may keep Nigeria indebted till 2032, and described the President Muhammadu Buhari-led administration as being wasteful.

Fayose argued that a repayment process that will last till 2032 will only end up plunging Nigeria into longer economic doldrums.

“What I’m even worried about and which they must explain to us is that you cannot get a bond without committing it to the source. Is the repayment going to be made by direct deductions from Nigeria’s crude oil sales or from Federal Government share from the federation account?

“If it is going to be made directly from proceeds of crude oil accruing to Nigeria as a country, then the bond belongs to the federal, state and local governments and not Federal Government alone.

“The Federal Government is just one of the federating units making up Nigeria and revenue accruing to the country cannot be used to repay bond taken by the Federal Government for its own use alone,” Fayose said.

According him, the Federal Government must tell Nigerians how it intends to repay the facility from now till 2032.

“If it is going to be through direct deductions from revenue accruing to Nigeria, such that money would be taken from source which would not be part of the accruers to the central body, it means the $1billion bond belongs to Nigerians and it must be shared among the federating units.

Read also: Nigeria’s $1bn Eurobond over-subscribed amid investors’ worries

“So, we have to find out and take steps. It is either, they bring the money and we share it; we take our percentage and they take theirs. The Federal Government cannot take that money and take it from source and tell us that the money, which belongs to all of us federating units, is its.”

Accusing the government of running the country in secrecy, Fayose said, “We will definitely go to Court and ask questions.

Fayose said, “The $1billion Eurobond may plunge the nation into more serious economic woes as its repayment was scheduled to last till 2032. The APC government is behaving like the prodigal son, who asked for his inheritance and spent it lavishly.

“It is a prodigal government who wants to destroy this country. The rate at which they are taking loans which would keep this country indebted till 2032 is quite unfortunate.

“Currently our currency has been badly devalued to N500 to a Dollar. So, how do we pay back the Dollar? They went to tie the money to the source; the accruers outside the country where crude oil revenue goes.”

 

 

 

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