I often express surprise at their viewpoints, because even among animals, we see the practice of saving for tomorrow out of today’s surplus. However, among the human family, we need not save only when there is surplus. If, for example, one plans to buy a car next year, would one not start saving money for that? Savings is about planning and, as Obi always said, “If you do not plan, you have planned to fail.”
As for those in the habit of arguing against what they do not understand, I hope you will commend the debt burden that will weigh Anambra down as revealed by Prof. Charles Soludo. May I present to you the rationale behind Obi’s savings in the State as he himself explained.
These are the reasons he is qualified for leadership at any level. In fact, we need such a man for Nigeria to re-discover herself.
Obi’s explanation why answering query from the CLO
However, the CLO’s question is on the 156 million dollars in denominated bonds, which is today valued at about $200 million dollars (over N70 billion), said to have been left or invested. On this I wish to state categorically that the amount of 156 million dollars being future savings for and on behalf of Anambra State was made as follows;
And I want to state at this point that those funds, being long-term investments backed by law, if they are still available in the banks, and I earnestly wish they are, presently should be worth about $200 MILLION as stated in the CLO inquiry. The reasoning behind savings in Foreign Currency was necessitated by a number of issues as follows:
Even though the World Bank approved the $40 million dollars for Education and initial $40 million for erosion, my administration did not draw down from it. These facilities were to kick-start with the incoming government and we were certain that savings in foreign currency would help the state in meeting up with her obligations of payment without any impediment to her financial stability. This is because we would have so much still left after meeting with the obligations.
Since we are going to pay this money in the future, we carefully projected and started saving. Because we are going to earn a billion dollars by the time the loan matures; $500 million will go to these SMEs, $200 million will go to others, $300 million will be left. Everything being equal, by 2050, we will be hitting almost $2 Billion. Meanwhile, we have 1,000 SMEs out there, of which about 80% of them would survive, and if they do, shall be producing for export that would change the state.
Unfortunately, we live in a system where people do not think about tomorrow and do not plan for future generations but would prefer to obliterate accumulated income and put the state in debt before exiting office.
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