BETWEEN WAFARNIYI AND THE FINTIRI ADMINISTRATION'S HUNDRED BILLION NAIRA AGRICULTURAL BOND FOR ADAMAWA STATE by George Kushi

 

NEWS: BETWEEN WAFARNIYI AND THE FINTIRI ADMINISTRATION'S HUNDRED BILLION NAIRA AGRICULTURAL BOND FOR ADAMAWA STATE by George Kushi

In the past few weeks many people in Adamawa State have followed with keen interest activities of the government as to its economic and financial plans and projects. This from the perspective of the Ahmadu Umaru Fintiri administration is a welcome and healthy phenomenon.

However ,in view of the misconception of the recent one hundred billion Naira bond planned by this administration some erroneous assumptions have been made. Most prominent of the assumptions was by Hon Wafarninyi Theman , a principal gladiator for the governorship ticket in the rival APC. For the avoidance of all doubt light has to be shed on the circumstance that warranted the discourse making the rounds.
The issue generated a heated debate on the media space where a handful demanded to know the actual position of the said loan.

To explain this further, it should be understood that a bond, as far as financial institutions are concerned is a loan to government's or bodies to facilitate infrastructural development with interest to be paid by the borrower. Properly managed, a bond has sublime advantages as it enables the borrower to meet up with financial obligations on a long term basis. Added to that is the lower interest that accrues on the bond and it's due consideration of prevailing market conditions.

It is in view of this that the Adamawa State government decided to venture into the hundred billion Naira bond to attend to the agricultural sector, which unquestionably when unleashed will carterpult Adamawa to a level never dreamed of until now.

The economic growth that will usher in prosperity is the driving force that is prompting the government of Adamawa to embark on agriculture which is fast catching on with the youth that now have a new slogan " a laka kudi yake"( in the mud there is money). The rice soya beans farming boys have since realised the futility of waiting for government jobs.

From all indications Wafarniyi is not fully in the picture of what is transparent to those in the real picture of events. By saying that Fintiri has lost focus only betrays his superficial record of events. His idea of " the money in concrete terms does not reflect what it is meant for...."is an open ended phrase that appears oblivious of the direct bearing to what the money is meant for. A closer look at the relevant documents and how and when the money will be disbursed would have cleared Hon Wafarniyi"s doubt on the issue at hand. Without recourse to politicking, Wafari as Rice Farmers Association of Nigeria coordinator in Adamawa should have rejoiced over this move and chipped in if needs be.

However the proactive government of Fintiri is fast catching up with the youth that are now committed to agro-business. It is expected that in the next four years,when the monies will be disbursed in four tranches,enough can be realised to upset the borrowed sum. When invested and properly harnessed a young crop of millionaire farmers will form the bedrock of a prosperous Adamawa State. Without an iota of doubt ,the burgeoning number of young farmers that will access funds from the bond money will produce enough for domestic consumtion and even export.

It is therefore baffling that the laudable move made by the Fintiri administration is either misunderstood or misrepresented. By the time the last tranches would have been disbursed the manifold gains would have enabled the state to enjoy the trickle down effects of the program which will in no mean way be blessing to the state and the nation at large.

It should also be noted that our indebtedness will be cleared by the proceeds of the bond to free our monthly allocation from deductions by the commercial banks. It is a known fact that bank loans are expensive with.interest rate above 25% and usually short term in nature.

The monthly deductions are very high because of short term nature of the loans there by putting so much pressure on the state cash flow hence the need to go for long term loan with low interest from the capital market in form of bond. This is the wisdom behind the bond.

It may interest all to note also that the bond repayments is not from FAAC allocation but from the revenue drivable from the agric business which has freed our faac allocation account from any.deductions.

Yes,Adamawa will not have to rely on the federal government handouts to survive when the program is in full stream,loitering youths on our streets will disappear robust and healthy children, the young and old well -fed folks will forget what hunger is feels like and the next generation will only read about how this happened in history books that " once upon a not so distant past,grandpa Fintiri laid the foundation for this."

This is the whole idea of the hundred billion naira bond that is set to revolutionarize the agricultural furtunes of Adamawa State.

George Kushi is the Chief Press Secretary to the Deputy Governor of Adamawa State and writes in from Yola.