Bayelsa, Benue, Ebonyi, Edo, Imo, Kaduna, Kwara, Lagos and Ogun: what do these states all have in common?
They have gone to the capital market to raise bonds ostensibly for various projects.
I admit though, there is indeed a need to tap into the cheap funds, which the bond market supposedly represents, but that is if, and only if, the money would be used for the purposes advertised. But the question has to be asked about securities. What exactly would guarantee those bonds? How do the various state governments intend to pay back the people who buy the bonds?
Most importantly, WHY is it NOW that the state governments are one by one beginning to rush to the bond market?
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