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.

Adaramaja     Oyelere Oyinloye     Tafida     Idris Amosa Oladipo Saidu     Folaranmi Aro     IDPU     Abioye Bello     Tanke Flyover Bridge     Adedeji Onimago     Ridwan Agboola     Kola Shittu     Zulkifli Ibraheem     Jide Oyinloye     Olushola Saraki     Seun Bolaji     Musa Abdullahi     Hassan Oyeleke     Tanke Road     Suleiman Rotimi Iliasu     Code Of Conduct Bureau     Saka Aleshinloye     Yahaya Seriki     AbdulHakeem Ajibola Akanbi     Bolakale Saka     Kayode Bankole     Igbomina     Kehinde Baale     Lotus Bank     Surajudeen Akanbi     Doyin Agbamu     Muhammadu Gobir     Gbemi Saraki     Okin Biscuit     Abdulmutalib Shittu     Shuaib Boni Aliyu     Omotoso     Olatunji Moronfoye     Adamu Ibrahim Sabi     Makama Of Kaiama     Isiaka Saka Opobiyi     Ahman Pategi     Nigerian Correctional Service     Ishola Abdullahi     Oluwarotimi Boluwatife Adenike     Abraysports FC     Minimum Wage     AbdulQowiy Olododo     Atunwa     Eghe Igbinehin     MAI Akande     Eruku     Tunji Oyawoye     Chief Imam Of Omu-Aran     Abdulwasiu Bolaji Adeyi     Ibrahim Mohammed     Abdul-Rasheed Na\'Allah     Sam Onile     Firdaos Amasa     Millennium Development Goals     Ibraheem Abdullateef     Kemi Adeosun     Guber Aspirant     Dagbalodo     Mahmud Babatunde Baker     Fatimat Saliu     Nigeria Governors\' Forum     Kupchi Hosea Maxwell     Akeem Olatunji     David Adesina     Maryam Nurudeen     Idiagbon     Busari Toyin Isiaka     Raimi Iyanda     SSA Youth     Justina Oha     Esinniobiwa Quareeb     Mubarak Oladosu    

Cloud Tag: What's trending

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

TIC     08001000100     Okin Malt     Iyeru Grammar School     Baba-Isale     Oluwarotimi Boluwatife Adenike     ENetSuD     Oke-Kura     Sola Saraki University     Eruku     Ishak Mohammed Sabi     CCB     Abdul-Rahoof Bello     Muhammad Ghali Alaaya     Saka Abimbola Isau     Abubakar Imam     Akeem Lawal     Saka Keji     Kola Ologbondiyan     Minister     Olabanji Orilonishe     Ahmad Lawan     Funmilayo Zubair     Tescom.kwarastate.gov.ng     Apado     Abdulrahman Abdulrazak     Royal FM     Baruten     Aliyu U. Tilde     Alfa Belgore     Rashidi Yekini     Theophilus Oyebiyi     Oni Adebayo     Isiaka Alikinla     GGDSS Pakata     Bankole Omisore     Halimat Yusuf     Yusuf Abdulkadir     Federal College Of Education (Special), Afon     Oke-opin     Omoniyi M. Ayinla     Olatomiwa Williams     Mansurat Amuda-Kannike     Marafan Shonga     Ishaq Oloyede     A.O. Belgore     Kwara NIPR     Garba Dogo     Oasis Muslim Care Foundation     Ilorin South     Rotimi Samuel Olujide     Maryam A. Garuba     Atiku Abubakar     Khadijat Ayoola Yusuf     LABTOP     Idris Amosa Oladipo Saidu     Saidu Yaro Musa     Awili Pedro     Ganmo     Millennium Development Goals     Baboko Primary School     Oluranti Idowu     David Oyedepo     Lithium     NULGE     Stephen Fasakin     SDP     Sabitiyu Grillo     Hussein Oloyede     Agbarigidoma     Gobir Organization Foundation     Omotosho     Ramat Oganija     Kola Olota     Saka Adeyemo     Bashirat Bola Bello     NITDA