Enoch Oyedibu
Ondo State has Incured ₦3.3 Billion in Debt Over Three Years to Fund Car Loans for Attorney General’s Office, PLATFORM TIMES can report .
In a concerning trend, Ondo State accumulated ₦3.3 billion in loans over the past three years, dedicated solely to funding car purchases for the Attorney General’s (AG) office.
PLATFORM TIMES uncovered that the loans, highlighted in audited financial reports from 2020 to 2022, have raised questions about the state’s rising domestic debts, which currently stand at ₦74.03 billion, with an additional external debt exceeding $80.84 million, according to the Nigerian Bureau of Statistics (NBS).
The surge in debts appears to be intricately linked to the escalating costs associated with running the state.
Contrary to the situation in 2019, the primary driver of this surge seems to be the exorbitant expenses tied to governance.
PLATFORM TIMES reports that the cost of governance has long been a contentious issue among citizens and experts.
Many argue that it is this very expense that compels governments to secure additional loans, often for what some perceive as unnecessary luxuries.
Ekiti State’s Auditor General has advocated a strategic approach to debt management, emphasizing the need to address the accumulation of government debts promptly.
However, this perspective clashes with the stance of Ondo State’s former Attorney General and Commissioner of Justice, Charles Titiloye.
Titiloye and his office seem determined to defy calls for debt reduction, as they repeatedly secure loans to fund lavish car purchases.
The AG’s office received a staggering ₦1.0 billion car loan in December 2020, followed by ₦1.2 billion in 2021, and another ₦1.1 billion in 2022, all shouldered by either domestic or external debts.
The audited financial reports reveal that over a billion naira each year was allocated exclusively for car loans to the AG’s office.
In December 2020, a car loan totaling ₦1.0 billion was allocated to the AG’s office, under the oversight of Hon. Titiloye.
Subsequently, in 2021, an additional ₦1.2 billion was earmarked, designated specifically as a “car loan.”
Continuing this trend, the AG’s office secured yet another car loan amounting to ₦1.1 billion in 2022.
It is noteworthy that all these loans were serviced and funded through a combination of domestic and external debts
This striking discrepancy has sparked public concern, as citizens question the necessity of such substantial loans for what is deemed personal comfort.
As the state grapples with its burgeoning debts, calls for prudent financial management are intensifying. Critics argue that prioritizing personal well-being at the expense of fiscal responsibility may have long-term consequences for Ondo State’s economic stability.
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