By
Abubakar Dangiwa Umar
 |
|
Col Abubakar
Dangiwa Umar (rtd)
|
It
has become necessary to alert the nation of a dangerous, indeed an explosive
scheme by which some state Governors are mortgaging the future of their states
through excessive borrowing from commercial banks and other financial
institutions to finance projects of dubious viability.
The
motive is entirely unclear. But one suspects it is either to fraudulently
acquire campaign funds as the 2015 elections approach or retirement benefits.
Some of them are also desperately selling off state’s assets including shares
and other long term investments.
In
a situation where states’ legislatures have reduced themselves to all but
an arm of the executive, it is unrealistic to expect them to check and stop
this fraud.
We
therefore appeal to the anti corruption agencies to intervene. We also warn
banks to desist from connivance with those Governors. They need to be reminded
of their civic responsibility and banking ethics to protect helpless public.
They
must be aware that most of these states have already lost the capacity to meet
their financial obligations due to huge debt burden and diminishing source of
revenue resulting from falling oil revenue.
The bankers must not forget
that, in the past, collapse of oil prices in the world market have often
led to widespread collapse of Nigerian banks because they never
learned to say ‘no’ to prodigal but cash-strapped state governments in
such critical periods.
Col.
Abubakar Dangiwa Umar (rtd) is a former governor of Kaduna State, North-west,
Nigeria.
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