A leaders of the Alliance For Democracy (AD) in Oyo State, Engr Oyedele Hakeem Alao, has expressed his displeasure over the proposed N100 billion bond the Oyo State government said would be procured for projects development in Oyo State.
Hakeem Alao, a former AD candidate in the 2019 governorship election in the state, who has advised the government of Governor Seyi Makinde against the bond procurement, also threatened a court action against the governor and his cabinet should they go ahead with their plans.
Expressing his views further in a statement released by his head of media, Omotayo Iyanda, in Ibadan, Hakeem Alao said: “We will see to how to stop Governor Makinde via a litigation if GSM refuses to listen to voices of reasoning.”
The opposition leader of the deregistered AD, also called on the royal fathers in the state, particularly, the Olubadan of Ibadanland, Oba Saliu Akanmu Adetunji, the religious leaders and other stakeholders to prevail on Governor Makinde to desist from proceeding to take the bond.
“It was shocking at this stage that Governor Makinde had concluded plans to take such a huge sum of money as loan considering the present debt profile of Oyo State not minding the speeches and promises he made during the political campaigns in 2018/2019,” Hakeem Alao said.
He argued that the projects could be financed gradually through the state’s Internally Generated Revenue (IGR), saying, “the bond could throw the state into a perpetual financial burden which the state may not be able to recover from in many years to come, and could also hamper the economic progress of the state and comfort of the people.”
He added the governor before assuming office had equally spoken against such loans which his predecessor, the late former Governor Abiola Ajimobi also took to the tune of N130 billion in seven years, saying, if Governor Makinde, should take the N100 billion bond, he would have taken roughly about N150bn in 15 months.
Hakeem Alao, however charged that the governor should fulfill his pre-election promises to turn Oyo State into a safe haven economically and increase the revenue base of the state to move the state into prosperity, and not incur a huge financial burden considering the current debt profile of the state.
Meanwhile, earlier, the Oyo State Executive Council said it had approved the issuance of a N100 billion private bond tagged “Oyo Prosperity Bond” to facilitate the execution of priority projects that will further drive economic development.
In a statement issued in Ibadan by the Commissioner for Information, Culture and Tourism, Dr Wasiu Olatubosun, said: “The fund would be raised in two tranches of N50 billion each for the construction of the 50km- Iseyin-Ogbomoso road, the Ibadan Circular Ring-Road and Ibadan Airport upgrade, among other projects.