By Shamsiyya Mijinyawa
* Forget the semantics; both the bond and the loan attract interest, what’s the difference?
* Agric business loan is a simpler and smooth means of bamboozling the citizens, syphoning the state by blaming the loss not on fraud but on disaster, either natural or human conspiracy
The seeming conspiratorial approval by the state lawmakers of one hundred billion naira bond being requested by the state governor, said to be surreptitiously smuggled into the Adamawa State House of Assembly, which though failed to beat the journalists, generated floodgate of reactions.
There were on the one hand – mostly close to the government – those who advanced the argument to excuse than accuse the move. There are on the other hand – constituting the majority of the comments – those who would rather than commend, condemned the move as a fantastic attempt at mortgaging the state.
Developmental journalists, Shamsiyya Mijinyawa has granted interview with the chairman of African Democratic Congress ADC, one of the strong, rather constructive opposition Parties in the state. Hon. Arabia Mustapha has given his take, packaged this edition of the Periscope. Let’s go.
Hon. Arabi Mustapha was asked to be brief on whether or not he subscribed to the idea of the one hundred billion naira bond, he responded thus:
“Why should I subscribe to that which could result in sabotaging the future of the yet unborn indigens and reduced same to indigent life by mortgaging the state? My spirit isn’t in the darkest morgue to have coerced it’s freedom, subscribing to imprisoning one’s conscience. I wouldn’t have joined in commending Hon Abdullahi Umar Yapak, the lone opposition lawmaker”.
Mustapha was reminded that Hon. Yapak was not the only legislator in the State Assembly from the opposition party(ies), he responded:
“In this context, Hon Yapak is a lone rather courageous opposition lawmaker who stood his ground, firmly too, arrogating to himself, the position of the entire electorates, irrespective of political party leaning, to kick against the bogus loan, capable of leading the state through famished road to bondage”.
Mustapha would not be persuaded to the bait that the governor’s request of N100 billion bond, being approved by lawmakers, was not for loan but a bond for the Adamawa State Agric Business Support, for the period of four years as the the commissioner of information and strategy stated; part of measures to improve Internally Generated Revenue (IGR) through a programme tagged “Adamawa State Agribusiness Support Programme” (ADAS) designed to take full advantage of the agricultural opportunities within the state, to focus on three areas of Crop Value chain, Livestock and Aquaculture, as further elucidated by the Senior Special Assistant to the Governor On New Media.
“Forget the semantics; both the bond and the loan attract interest, don’t they? So what’s the difference?
“A bond is a fixed income instrument, which provides funds for projects. It could be conceived as ‘I owe you’ stuff that includes in details, the terms for variable or fixed interest payments made by the borrower. Bonds are used by companies, municipalities and governments to finance projects and operations.
“Thefore, discard the semantics by adopting loan for bond, you can’t be considered as chronic-know-no-book”.
Mustapha would not see anything valid in the idea that it was not a loan either meant for payment of salaries but Agro-business bong aimed at improving revenue generation rather than wasting and/or that which is capable of being diverted, he said it could be another rather smooth window opening for financial fraud.
“Agric business loan is a simpler and smooth means of bamboozling the citizens, syphoning the state by blaming the loss not on fraud but on disaster, either natural or human conspiracy.
“For the natural disasters, there is famine, there’s draught, there’s flood and there’s epidemic, the livestock associated diseases among windows of constraints to be cheaply capitalised on.
“For the human and artificial disasters, there’s the general atmosphere of insecurity, which could be pinned on the Agro-business and the sympathy with the lost either real or imagined, would weigh more than the thought of the recovery. Take the #Covid-19 protests for instance. You know the level of vandalisation that exposed so many families as mere race of hoodlums, thieves etc”.
With the previous loans, the purpose for which in reality could not be seen manifest and the growing interest burning to ashes the value of the state’s wealth with a destroyed economy and ever growing interest far from being fully serviced Mustapha said any loan, whether bond, is not necessary.
“Recall that His Excellency Governor Fintiri has excellently lamented that he has inherited a loan of one hundred and fifteen billion naira, a scarry amount enough to grind the state to financial halt.
“The same Fintiri led government has in less than two years obtained over thirty billion naira worth of loan, what happened to the monies? We’re yet to see on ground what is done with the money; flyovers aren’t completed, housing projects aren’t completed, name it. Why another loan.
“Approving the N100 billion bond added to over N30 billion loan, in less that two years would mean N10 billion less than the 2021 state’s budget of N140 billion. This is truly unacceptable”.
Mustapha would not be convinced that the N100 billion would be spread into N25000 billion annually.
“Look! Adamawa doesn’t need any loan. If the monthly allocation and the said improved internally generated revenue could not be sufficient in executing project, we wonder how Governor Zulum is changing BORNO state without any loan.
“Imagine, if loan must be sourced, if it would be invested on portable water N5 billion, education sector N10 billion and healthcare N10 billion, this year, then wait for the the flyovers of harvest of human capacity profit.
“The secrecy in the process of presenting and approving the N100 billion bond request has generated a hyper apprehension among the citizenry.
“The projects, which attracted the previous loans amounting to over N30 billion are yet to see the light of day. Yet the timetable for what can be considered as bogus commissioning, involving about five serving governors, a minister and former Vice President, the Waziri Adamawa among other no less dignitaries is widely circulated. There has been the insinuation that part of the bond could be spent on completing the unfinished projects and host the commissioning”.
Mustapha was asked the way forward, could his dream be utopian?
“The way forward is simply to keep Adamawa free from loan. Any politician or political party that will not subscribe to this, should not win the hearts of the teeming electorates”.