Save Ogun State from World Bank loan of BONDAGE!!!

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I am writing to express my deep concern regarding the recent $350m loan for Ogun State goverment of Nigeria at a time when the administration has less than 500 days before next general election. (General Elections is in Feb. 2019).


As a quick introduction; I write as a concerned, law abiding and tax paying citizen of Ogun State.

As you may be aware from your own records, the current government lead by governor Ibikunle Amosun is currently indebted to the tune of NGN350bn to a monthly income of NGN6bn confirmed by one of his commissioners ( name withheld ) and the budget actualization rate of previous year. The reconciled numbers of monthly income was inflated to the tune of 100% in 2018 budget compared to 2017 financial year to deceive your organization. Despite the sudden 100% increase in IGR estimated figure, the 2018 budget is still at 41% deficit. The 1999 constitution of Nigeria- Fiscal Responsibility Act of 2007 regulates that all loans applications, processing and approval must follow and comply with its directives.  Which include a healthy loan-income ratio?

 

Borrowing an administration that is in its last year in office such an amount with proven record of misappropriation is an act that is grossly opposite of what World Bank was established for.

In recent years, World Bank had been accused of supporting and financing corruption and corrupt government in Africa, granting this loan will further prove such to be true.

 

Ogun State government did not meet the required financial status to qualify for this type of loan. For the past 6 years, the State government did not publish the audited account of the State by an external auditor. A condition I believed should be part of the loan requirement.

Currently Ogun state did not include unfunded liability in her debt profile. Such include the pension deducted from workers salary that the government failed to remit to appropriate pension management firm.

Also the State did not remit her counterpart funding of workers’ pension to the appropriate pension management firm. These are example of unfunded liability of Ogun state government which is in billions of Naira, but not included in her debt profile.

I and other citizens and residents of Ogun state that are signing this petition are urging the world bank organization to stop the loan process and ask Ogun state government to present 6 years audited account (by a world class external auditor), pay their unfunded liability and reduce their existing debt to 30% of their income before this loan is granted.

 

 



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