Don’t grant contemporary loan to Gombe govt, team begs CBN


A team of indigenes of Gombe Snort has entreated the Central Bank of Nigeria (CBN) to now not grant any contemporary query for loan by their speak executive.

It mentioned the plea turn into to preserve some distance from burying the speak below a mountain of money owed from frivolous loans allegedly being obtained by Governor Inuwa Yahaya.

The Gombe Fair Management Association (GGLA) made the enchantment to the CBN in an announcement on Friday signed by one of its trustees, Salisu Abdullahi.

The same team had in an earlier snarl raised an alarm over money owed being incurred by the governor ostensibly for construction applications.

It mentioned the governor has brushed off its warnings against mortgaging the speak’s future and has gone ahead to perceive extra loans working into billions of naira from banks.

The team, within the contemporary snarl titled ‘The Gombe Snort Borrowing Governor Is At It But again’, warned of the dangers of the governor’s borrowings.

“The Governor has plunged Gombe Snort staunch into a quagmire of crippling money owed. Nothing is extra reckless than borrowing money to repay a debt or tackle the crushing operate of existing money owed.

“The final public will lift that we now hang recently made an announcement touching on the spate of reckless borrowing by the Muhammadu Inuwa Yaya-led Administration of Gombe Snort. Fair when we plot we had viewed all of it from the Governor, a reproduction of the letter by the Governor to the Honourable Speaker of the Gombe Snort Dwelling of Assembly dated 20 October 2021 with reference quantity GO/GD/FED-98/V.I proved us deplorable.

“In the letter, the Governor is soliciting for for the resolution of the Gombe Snort Dwelling of Assembly allowing him to entry the Federal Authorities’s Bridging Finance Facility within the sum of N18,746,059,992.57(Eighteen Billion, Seven Hundred and Forty -Six Million, Fifty-9 Thousand, 9 Hundred and Ninety-Two Naira, Fifty-Seven Kobo)”, the GGLA added.

In accordance to the snarl, “In the words of the Governor, Mr. President has permitted ‘: Six Hundred and Fifty-Six Billion, One Hundred and Twelve Million, 9 Thousand, Seven Hundred and Forty Naira, Three Kobo (656,112,9,740.03) Bridging Finance to 35 States of the Federation to cushion the operate of the compensation of the present Federal Authorities Intervention Facilities (Budget Red meat up Facility, Excess Extreme Legend- Backed Loan Facility and Wage Arrears Bailout Facility).’

“For emphasis, we reiterate that the Muhammadu Inuwa Yaya-led Administration of Gombe Snort has, between March 2020 and July 2021, procured the following money owed: ‘N14.5 Billion from Guaranty Have faith Bank (GTB) Plc; N2.0 Billion to finance Healthcare Infrastructure Pattern in Gombe Snort; N12.0 Billion Credit rating Facility from Guaranty Have faith Bank Plc; N10.8 Billion Finance Facility from United Bank for Africa (UBA) Plc, and N5.0 Billion from Family Homes Funds for the provision of one thousand units of Sensible Housing Objects’”, it added.

In accordance to the team, “The above-listed money owed make now not include the N11 Billion borrowed by the old Administration for the Gombe Revenue Optimization Company Restricted (GROCOL) but obtained by the purpose to Authorities. This N11 Billion brings the total sum of money obtained as debt by the Muhammadu Inuwa Yahaya-led Administration with a put of a small bit over two years to N55.3 Billion.

“If the Governor is allowed to accomplish the N35 Billion debt that has been hurriedly permitted by the Gombe Snort Dwelling of Assembly on 13 October 2021 and the proposed debt of N18,746,059,992.57, for which it’s some distance searching for approval in his most modern letter to the Speaker of the Gombe Snort Dwelling of Assembly, the Governor would hang succeeded in amassing a total debt of over N109 Billion (One Hundred and 9 Billion Naira) in a small bit over of two years of his administration.

“There is now not a gainsaying that the debt provider to the total earnings of Gombe Snort is monstrous and inimical to the economic and developmental aspirations of the Snort. From the Governor’s displaying, the earnings of the speak cannot even bewitch care of the recurrent and debt servicing portfolio of the Snort.

“The Federal Authorities t has been indulging Snort Governors and pressuring the Central Bank to lend monies (it doesn’t hang) to Governors below all forms of dubious projects and schemes.

“We, attributable to this truth, call on the Central Bank to withstand any temptation to extra advance any loan to the borrowing Governor of Gombe Snort who’s hell-bent on mortgaging the speak to meet his selfish ends,” it added.

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