OPINION: Of Yaman's debt gaffe and PDP’s shock-jocks - Rafiu Ajakaye

Date: 2022-06-21

Believing one’s own lie — a kind of cognitive bias — is about the worst singular thing to happen to anyone. Arrowheads of Kwara’s PDP actually believe their own lies, and that explains their wobbling messaging thus far. They believe the only reason Kwarans rejected them in 2019 was simply because some opposition radio firebrands had lied to the public.

Nine in 10 PDP persons hold this view. Only a tiny but suppressed minority of them believe otherwise. For that reason, the party has lined up its talking heads to go on air to lie to the people in the hope that this will land them in government house in 2023. They have gone as far as saying they did not owe salaries at all; that colleges of education workers were not on strike because they were not being paid; that all accreditations were done as and when due; that the taps were in fact running everywhere; that they had paid N200m RAAMP counterpart to the World Bank; that they were actually up-to-date in promotion and that the stories about their paying percentaged salaries were all made up to tarnish their image, among others.

One of them said on a radio programme last Friday that the administration of His Excellency Governor Abdulfatah Ahmed did not borrow a dime in eight years. In fact, their official spokesman recently said that their administration actually signed the Freedom of Information Bill into law and that this administration, in its hatred for anything PDP, had reversed the gains. Jaw-dropping, right? Those who listened to them may have lost count of this tomfoolery and evidently self-damaging tactics. But these shock-jocks believe their own lies!

Enter Alhaji Abdullahi Yaman, a governorship also-ran now flying the banner of the PDP in the state. “We are not unaware of the problem the APC has put on us in Kwara State by the astronomical increase in the debt portfolio with over 300%. Kwara from the least indebted state is now one of the most indebted,” Yaman said in the capital city Ilorin at an event unveiling his running mate Hon. Gbenga Makanjuola on June 18.

Two major lies were told in those lines: that debt profile of Kwara has risen 300% under this administration and that the state was the least indebted in Nigeria before 2019. It’s been many hours since Yaman made those claims.

Those claims were driven by ignorance, mischief, and a group resolution to continually lie to the people whom the PDP strongly believe are mere pawns in their political chess game.

Both claims are false. One, at no time in Nigeria’s chequered history was Kwara the least indebted state. In 2019, Kwara had the 10th highest debt profile in Nigeria; conversely, by March 2022 account of the Debt Management Office, it is the 19th most indebted state. That’s a serious improvement on its 2019 ranking. Two, it is not true that debt profile of Kwara has jumped 300% between 2019 and now. The first and only time the state’s debt profile rose so high was in 2009 when former Governor Bukola Saraki took N17bn bond, among other facilities he had earlier accessed. That took the debt profile to above 300%, considering the fact that he had inherited a below N5bn domestic debt from the late Mohammed Lawal’s administration.

But here are some facts of history for the benefit of Alhaji Yaman, his campaign team, and the PDP shock-jocks who assault the people with barefaced lies on the airwaves.

Between 2003 and 2011, Kwara’s domestic debt profile rose from below N5bn to exactly N25.2bn. That is approximately 404% rise in domestic debt profile under Senator Saraki alone. Don’t forget: in one fell-swoop in 2009, the debt profile rose by over 300% when he took the N17bn bond.

Governor Ahmed, of the same tendency as Saraki and now Yaman, took the local debt profile to N67bn and foreign debt to above $47m by May 29, 2019. In other words, the domestic debt profile jumped 165% under Governor Ahmed. Between 2014 and 2016, a space of two years, the debt rose by 140%, or N15.9bn to N38.1bn.

In 2021, this administration took N27.2bn private bond to steadily bridge infrastructural gaps which the PDP administration had in 2016 pegged at above N256bn. Also in 2021, the administration and 35 other state governments across Nigeria accepted a Federal Government’s offer of N18.6bn loan refinancing facility to ease the burden of paying back loans which were taken as far back as 2015. Combined together, this has only raised the domestic debt profile by 68.3%. Where, therefore, did Alhaji Yaman get his 300% debt rise from? At any rate, projects being done with the funds taken by this administration are scattered around the state, north, south, and central.

Let's put these borrowed monies in context — in the wake of PDP’s red-herrings and the national inflationary trends. The N17bn bond of 2009, then estimated at $113m, is the equivalence of N67.8bn in today’s monetary rate of 600 naira per dollar — far above the combined worth of the two facilities this administration has ever accessed.

There is nothing bad about borrowing to build social and physical infrastructure that improves life’s chances for the people. What is bad, and possibly atrocious, is lying about it or playing the ostrich as candidate Yaman and other PDP elements seem to be doing.

This administration will always speak to its own achievements and seek to be a better version of itself every step of the way, while the PDP is at liberty to go on thinking our people to be fools who cannot tell their yesterday from today. It is their (PDP’s) deserved Golgotha. Good luck!

•Ajakaye is Chief Press Secretary to the Governor

 

Cloud Tag: What's trending

Click on a word/phrase to read more about it.

Yusuf Lawal     Victor Gbenga Yusuf     Mohammed Danjuma     Taibat Ayinke Ahmed     Boko Haram     Nigerian Correctional Service     Mary Arinde     KWACOBPA     Garba Idris Ajia     Government High School (GHS), Adeta     Nupe     SWAN     BECE     Yusuf Lanre Badmas     Ilorin General Hospital     Babatunde Ajeigbe     Baruba     Aisha Gobir     Olubukola Kifayat Adedeji     KWSIEC     Vasolar     Azeez Salawu     Rashidi Yekini     VADA     Irepodun     Rice Farmers Association Of Nigeria     Doyin Group     Gbadeyan Gbadura Yomi     Lithium Deposit     Sobi Hill     Okoolowo     Apado     Temitope Ogunbanke     Local Government     Benin Republic     Ibraheem Abdullateef     Tinubu Legacy Forum     Rachael Obisesan     The Herald     Arinola Fatimoh Lawal     Afonja Descendants Union     Abdulrazaq Aiyelabegan     Baba Adini Of Kwara State     Albert Ogunsola     Opobiyi     Ahmad Fatima Bisola     Ganiyu Taofiq     Justina Oha     Fatimah Abdulkadir     Patigi Regatta     Medinat Folorunsho Salman     Omar Gambari     SDP     Shuaibu Yaman     Tunde Yusuf     Aishat Sulu-Gambari     ASKOMP     Shehu Raheem Adaramaja     Share-Tsaragi     Apata Ajele Secondary School     Sheikh Ariyibi     Elerin Of Adanla Irese     TIIDELab     Abdullahi Imam Abdullahi     Diagnostic Centre     Saidu Isa     AbdulRaheem Ahmad Shayi     Bello Oyedepo     Assayomo     GGDSS Pakata     Sabi     Susan Modupe Oluwole     ANCOPPS     Baboko     Isiaka Yusuf     Col. Taiwo     AbdulKareem Yusuf Danhawa    

Cloud Tag: What's trending

Click on a word/phrase to read more about it.

Wasiu Onidugbe     Mahmud Ajeigbe     Turaki Of Ilorin     Gafaru Olayiwola Olorisade     Onilorin     Majlis For Sadakah, Zakat And Waqf     CLAY POT     Kanu Agabi     Suleiman Mora Omar     Kwara State Pension Board     Kwha.gov.ng     Tayo Alao     Mohammed Khadijat Kubura     Aliyu U. Tilde     Haliru Dantoro     Shuaib Olarongbe     Adeola Abraham     Magaji Erubu     Habeeb Saidu     Akeem Olatunji     Kwara South     International Public Sector Accounting Standards     Kwara State Council Of Chiefs     Yusuf Ali     Vasolar Consultoria     Lanwa     David Oyedepo     Olayinka Jelili Yusuf     Toyin Olayinka Tejidini     Metro Park     Ayinke Saka     Oladimeji Thompson     Mohammed Yisa     Olatunji Ibrahim     A.E. Afolabi     Alfa Belgore     Shuaib Boni Aliyu     Ilorin Anchor Men And Women     Lithium     Ita-Ore     Mahe Abdulkadir     Gobirawa     Abdulwahab Oba     Ahmed Alhasssan     Elewu     Chemiroy Nigeria Limited     Adebara     Quareeb Islamic Association     Sun Qing Rong     AbdulGaniyu Kareem     Katibi Ibraheem Adeola     Baba-Isale     ARMTI     Muhammad-Mustapha Suleiman     Olomu     08001000100     Old Oyo     Timothy Olatunde Fadipe     Revenue Court     Toun Okewale-Sonaiya     Gani Saadu     A.O. Belgore     Maryam A. Garuba     Isiaka Danmeromu     Dar-Al-Handasah Consultants     Okeose Christian Cementary     NIRSAL     IFK     Bola Shagaya     Abdulganiyu Oladosu     Monsurat Omotosho     Oniwasi Agbaye     PAACO-PCL Consortium     Sunday Fagbemi     Abubakar Bature Sulu-Gambari     Senior Special Assistant On Student Affairs     EndSARS