Thursday, 6 June 2013

Why Ogun State Governor, Ibikunle Amosun Borrowed N25 Billion



Governor Ibikunle Amosun of Ogun State, yesterday, explained that he obtained a N25 billion loan from the capital market to fund some road projects to save the state from collapsing through infrastructure decay.
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Amosun, who stated this while inspecting some ongoing projects in Ogun West Senatorial District, pledged that his administration would, before the end of this year, offset N15 to N18 billion of the N25 billion loan obtained during his first two years in office.
 
He said: “When we came, what we met on ground discouraged us then, but we had to take the bull by the horn. We knew it was our cross, we had to face it and that is why we are borrowing short and spending long.
 
“Again, it is hard, it is tortuous but that is the part that we met. There is nothing we can do; otherwise the government would have collapsed. That is what they think will happen because they believed there was no way out.
 
“Somehow, the benevolence of the almighty God, support of the good people of Ogun State and our professional calling have stood us in good stead. And that is why in this year alone, we are going to pay about 15 or 18 billion naira back.
 
“If I borrowed N25 billion the first year and we pay about 12 out of the 18 billion, then how much we are owing? Maybe six.”
 
“Every month we are paying back. It is difficult, it is tough. That is what we are doing and thank God we would finish.”
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