Ondo Assembly approves Mimiko’s N22 billion loan restructure to bonds

Mimiko
Mimiko
IN line with the directive of the nation’s Debt Management Office (DMO), the Ondo State House of Assembly has given approval to the state Governor, Dr. Olusegun Mimiko, to convert over N22 billion loans to Federal Government bonds.

The Assembly gave the nod yesterday following intense deliberations on the request after the Clerk had read the governor’s letter on the floor of the plenary.

Governor Mimiko wrote the House requesting for permission to participate in the Federal Government’s loans restructuring programme which would see that the state commercial bank loans and seven-year bond totalling over N22 billion be repaid over 20-year period.

The Majority Leader of the House, Mr. Ifedayo Akinsoyinnu, said there was nothing strange in the governor’s request, as it was needed at this point in the nation’s trial times.

His stance was corroborated by the House Minority Leader, Dr. Musa Mukaila from the All Progressives Congress (APC), who stated that the move is a welcome development as it would help to alleviate the challenges of governance engendered by the dwindling financial fortunes and global oil crash.

The Speaker, Jumoke Akindele, who appreciated the lawmakers for the unity of purpose irrespective of party differences as they unanimously approved the request, said that such spirit would make the House responsive to the yearnings of the electorate.

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