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PDP candidate in the November 16 Kogi Governorship election,Engineer Musa Wada has warned commercial banks and the National Assembly to be wary of granting more loans or approvals to the government of Kogi state.According to Engineer Musa Wada,the timing is wrong and needless in view of the general impression by the handlers of the state to an improved revenue generation of over 1 billion naira monthly.Wada said the IGR and monthly federal allocations is enough to attend to the socio-economic and infrastructural developement of the state .
Engineer Wada urged the state government to account for the 50.8 billion naira bailout funds and it’s repayment, Paris Club of over 20 billion, infrastructural refund of 20 billion,as well as the debt profile of over 120 billion in liability created by the current administration in the last four years.
“If this funds are not properly utilised or accounted for,granting further laons will be counter productive and unwarranted”.He said.
The PDP candidate said enmeshing the state into foreign loans span for 25 years, will amount to mortgaging the state to foreign bodies tantamount to neo- colonialism.
He said it will also be politically inexpedient to plunge the state into further loans, particularly now that the present administration is being challenged at the tribunal over his ascension.The PDP candidate challenge the state governor to account for the previous loans granted the state, rather than looking out for more loans that will place the state in a precarious situation.He said the domestic and revolving loan portfolio of the state had jerked up astronomically during the first term,mortgaging the future of generation yet unborn,seeking for further advances will be Inimical to the developement of the state .Eng Wada urged the state to harness the potentials of the state,rather than looking for more money to waste,as the dearth of social services, infrastructural and human capital developement is an indicator of misplaced and mismanaged state economy.He warned on the consequences of going ahead by both the state, commercial banks and the National Assembly,saying it will amount to mortgaging the entire state to loans and advances from financial institutions.
