The House of Representatives on Wednesday told the Governor of Bauchi State, Alhaji Isa Yuguda, and 10 of his other colleagues to stop engaging in excessive borrowing.
The debts, both foreign and domestic, the Reps said, portend serious consequences for the state and the governors’ would-be successors.
The Reps made their position known on Wednesday when they interacted with Yuguda on his plans to borrow $171 million.
He was scolded for planning to borrow more money despite his failure to offset outstanding multi-billion naira debts of the state.
The House Committee on Debts, Aids and Loans, led by its Chairman, Adeyinka Ajayi, also queried the discrepancy in the figures quoted by the Debt Management Office and Yuguda’s.
While the DMO said the loan requested by Yuguda was $75 million, Yuguda put his own figure at $171 million.
Yuguda described the difference as a typographical error.
But the Director General of the DMO, Abraham Nwankwo, said the figure he got from the Federal Ministry of Finance was $75 million.
Yuguda said the from Exim International Bank of China would help in the implementation of an Independent Power Project in the state.
A Chinese company is to execute the project.
Yuguda said: “We are aware that if we have power, our industries will have the power to produce.
“We are giving priority to power because that is the only sector that will bring you sustainable development when you get it right.
“Once there is steady power, the manufacturing sector would thrive and there will be employment.”
Other states warned by the Reps against excessive borrowing were Lagos, Edo, Kaduna, Ondo, Yobe, Ogun, Cross Rivers, Adamawa, Kwara, Niger, Enugu and Oyo.
Trending
- Sanwo-Olu: We’ve fulfilled our promises
- Upholding Democracy: The imperative of credible party primaries in Nigeria, by Adebanji Dada
- FG revokes 924 dormant mining licences as minister decries racketeering
- Why I didn’t build schools as Anambra governor, Peter Obi replies Omokri
- Establish base in Sambisa forest, Zulum tells Army
- EFCC withdraws appeal against former Kogi Governor Bello
- Fidelity Bank commends Air Peace’s performance
- How AI, automation, and trusted data are shaping next-generation customer service, by Linda Saunders