OrderPaperToday – Ondo State Governor, Olusegun Mimiko has come under scathing rebuke from Mr. Ajayi Boroffice, the senator representing Ondo North Senatorial District in the national assembly over a N7 billion loan facility from a commercial bank.

In a statement signed on his behalf by Kayode Adeniyi, Boroffice said Governor Mimiko has plunged Ondo State into a N77 billion debt and cannot account for local government allocations in the last 7 years which he alleged the governor is ‘feeding fat on.’

Describing as puerile the reason advanced by the governor for seeking the loan, Sen. Boroffice said the Peoples Democratic Party (PDP)-led administration must present an audited account of revenues and expenditures of the state, warning banks to desist from granting credit facilities which incoming administration may decide not to pay.

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The senator noted that “the issue of N7 billion is coming at the same time the Mimiko-led administration declared that paucity of funds is delaying local government polls after feeding fat on local government allocations for about 7 years,” and queried if the N7 billion loan is “designed to enhance the rigging machinery of the sinking PDP in Ondo State?

The senator advised Mimiko to give account of the state’s financial position ‎and “leave the people to figure out their true enemy,” saying “it is amateurish and awkward that the Governor Olusegun Mimiko-led administration has lowered the debate on ‎the N7 billion bank loan to crass politics and puerile argument.”

The statement continued: “Is the government saying it requested for N7 billion loan from Zenith Bank on the ground that World Bank has granted credit facilities to Lagos and Edo States. The witless argument from the government further shows there exist no developmental plan for which the loan was sought after.

“Really, ‎there is nothing hypocritical or ignorant about a warning inspired by patriotism against mortgaging the future of our children under the guise of seeking loan to fund infrastructural deficit. However, It is rather preposterous that a government renowned for limitless deceit thinks it can preach on honesty.

“On the issue of Lagos and Edo States: it is quite clear that while World Bank granted Lagos and Edo States long-term, low interest rate development policy operation credit facilities, our dear Ondo State is seeking N7 billion loan at an unduly high and exorbitant interest rate from a commercial bank.

“It is on record that World Bank has strict borrowing conditions with strong emphasis on transparency, accountability, strong financial management information system for budget management, high financial accountability through timely audits and publication of state government’s audited financial accounts. In truth, same conditions cannot be said of the controversial N7bn loan request. When last did the Mimiko-led administration audit government spendings and present its audited financial accounts to the people of Ondo State for public scrutiny? Not once in 7 years.”

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