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$1bn Eurobond: Fayose knocks FG, seeks explanations on beneficiaries, repayment

By Muyiwa Adeyemi (Head South West Bureau)   |   11 February 2017   |   4:36 am  

Governor Ayodele Fayose of Ekiti State

Governor of Ekiti State and Chairman of the Peoples’ Democratic Party (PDP) Governors’ Forum, Mr. Ayodele Fayose has described the Federal Government’s plan to secure Eurobond which re-payment would last till 2032, as an act like that of the Biblical prodigal son, expressing the fear that the loan may plunge the nation into prolonged economic misery.

The governor, who challenged the federal to government make clarification as to the beneficiaries of the bond, stating whether it would be both the federal government and the federating units or federal government alone, added that; “questions must also be asked on repayment of the Eurobond because deductions from what should accrue to the federation account on a bond to be taken by the federal government for its own use only.”

In a statement issued on Friday, by his Chief Press Secretary, Idowu Adelusi, the governor said, “The rate at which they are taking loans, which would keep this country indebted till 2032, is quite unfortunate. Currently our currency has been badly devalued to N500 to a Dollar. So, how do we pay back?

They went to tie the money to the source; the accruers outside the country where crude oil revenue goes. I just want our people to know that this government is taking us to another side of life, one is to destroy our economy, the other is death.”

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Ayodele FayoseEurobond


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