Don’t Grant Ondo N7B Loan, Senator Tells Bank

Don’t Grant Ondo N7B Loan, Senator Tells Bank

Professor Ajayi Boroffice, a senator representing Ondo-North, has warned a commercial bank against granting a N7 billion loan request for the Ondo state government.

Don’t Grant Ondo N7B Loan, Senator Tells Bank
Professor Ajayi Boroffice

He said granting such loan few months to the expiration of the tenure of Governor Olusegun Mimiko’s does not make economic sense.

He made this disclosure in a statement released on Sunday, November 15, saying that the bank should be guided on the risk involved in granting such a loan at this time, and urged it to reject the said loan, The Punch reports.

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Boroffice said: “The management of Zenith Bank PLC is advised to learn and be guided to reject the loan request having realized the high degree of risk attached.”

The senator said notwithstanding that the Ondo State House Assembly has approved the governor’s request without critical stakeholders been carried along by the Assembly prior to the approval.

However, in a swift response, commissioner of information, Kayode Akinmade, described the senator's statement as a show of hypocrisy and sheer ignorance.

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Akinmade said: “Lagos is the most indebted state in the country. Why has Boroffice not spoken against Lagos State’s borrowings? Both Lagos and Edo states have just put loan proposals of $200m and $75m respectively to the Federal Government and the senator has not found his voice to caution these states.

“Leaders should think before they open their mouths to criticise and criticisms should be based on objectivity and honesty. There cannot be two rules; if APC governments at the state level are obtaining loans, what stops PDP governments? Boroffice is an enemy of the state. He wants Ondo to be grounded.”

Meanwhile, the Ondo state chapter of the All Progressives Congress had boasted that the party will win the 2016 gubernatorial election in the state convincingly.


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