The Adamawa State House of Assembly says it has approved N100 billion bond to the state Executive after being convinced of the capacity of the facility to turn the fortunes of the state around.
This is coming as the opposition party in the state, the All Progressives Congress (APC) released a statement accusing the state governor, Ahmadu Fintiri of taking a loan facility of such a size as would put the present and future of Adamawa people in jeopardy.
The Adamawa State House of Assembly had on the 10th of May, approved a request for the N100 billion bond agricultural development facility as requested by Governor Fintiri but the Houses’ approval was immediately met with dissent in opposing camps.
The expression of dissent has continued, almost two weeks after the controversial approval.
Speaking to newsmen in Yola over the approval, the Chairman, House Standing Committee on Information, Hon Japhet Kefas, said part of the agric bond would be utilized to upgrade all cattle markets in the state, among other things, to boost socio-economic activities as well as improve internally generated revenue of the state.
Japhet Kefas said the Assembly members gave the approval because there was a clear explanation as to how the N100 billion would be used in developing the state and creating job opportunities for the people.
On opposition’s outcry over the size of the facility, the lawmaker said, “The state government had informed us that the bond is for four years, and every year, the state will access N25 billion to carry out its developmental activities.”
He further explained that N15 billion out of the first N25 billion will be used in liquidating the loan collected from a commercial bank because the interest rate is increasing at an alarming rate; “hence the need to off-set the facility immediately.”
The House image maker said the remaining N10 billion from the first tranche will be used in upgrading cattle markets and produce outlets in the towns of Mubi, Ganye, Maiha, Ngurore and Song.
But the opposition APC had in contrast said the bond facility was both too large and in untrusted hands.
“Th present and future of the state has been ambushed by this reckless act of His Excellency, the Executive Governor of Adamawa State and Members of the State House of Assembly,” the APC asserts in a statement signed by its state Publicity Secretary, Mohammed Abdullahi.
The party added, “All the loans collected by this government, including the approved N100 billion, is not meant for developing the state but rather a way of siphoning money for project 2023.”
Support InfoStride News' Credible Journalism: Only credible journalism can guarantee a fair, accountable and transparent society, including democracy and government. It involves a lot of efforts and money. We need your support. Click here to Donate