By  AbdulRaheem Kehinde

Ilorin East

“It is wrong and immoral to seek to escape the consequences of one’s acts. When it comes to privacy and accountability, people always demand the former for themselves and the latter for everyone else. A body of men holding themselves accountable to nobody ought not to be trusted by anybody.” Anonymous

The above quote was the exact thing that came to my mind immediately I listened to the recorded version of Governor Abdulrahman Abdulrazaq’s message to some individuals who embraced the square table with him some days ago.

Interestingly, among other issues he raised during his meeting with the Kwara APC media team, the one that struck my chord the most is the #35billion bond facility accessed by his administration. The explanation given by the governor regarding the bond does not make any financial or economic sense.

According to him, of the N35b bond his administration sought to obtain, only the sum of #27billion was granted by the creditors. The governor further noted that out the approved #27billion, his government has only been able to spend #10billion, leaving a balance of #17billion in an undisclosed and unproductive account. This is despite the galloping Inflation the country is battling with.

Stemming from Governor AA’s disclosure, some pertinent questions are begging for answers. These questions are;

What are the exact projects that were attached to the bond documents in the first place?

What is the contract sum of each of the projects and their locations?

Why are details regarding the projects and bond shrouded in secrecy ?

Lastly, what is the essence of keeping money idle in the face of daunting infrastructural and socio-economic challenges?

This present administration needs to answer these questions as they must be accountable to the people who gave them the mandate. This huge amount of money that has not been put to good use is a mirage to financial experts and resources managers. Going by the concept of time value of money in elementary economics which is based on the fact that debtors gain while creditors lose during inflation, but the reverse is the case in this scenario as the people of the state are being shortchanged due to lack of foresight and deficient leadership that has befallen them in the last three years.

Despite the huge infrastructural deficit in the state that has been ascribed to lack of funds, it is unthinkable that the state has some slush funds being kept in an undisclosed account for reasons best known to Governor AbdulRahman himself at the detriment of the good people of Kwara State. It is against this background that well meaning Kwarans must speak up and ask the governor the reason for his non disbursement of this fund. This is imperative in view of the huge interest rate on this loan that has culminated in over 100 percent increment in the state’s debt servicing, from #600m monthly to #1.3b.

It is time your Excellency need to have an interactive session with fellow kwarans on a radio station of your choice and grant people opportunity to ask questions on grey areas around the bond this was why Kwara House of Assembly failed to act as one. Never in this state such docile Assembly will have the platform again.

Yours Sincerely,

Engr AbdulRaheem Kehinde, Ilorin East