Governor of Ekiti State and Chairman of the Peoples Democratic Party (PDP)Governors Forum, Mr. Ayodele Fayose has described the Federal Government’splan to secure Eurobond which re-payment would last till 2032,as an act typical of the Biblical prodigal son, expressing the fear that the loan mayplunge the nation into a prolonged economic misery.

The Governor, who challenged the Federal Government to make clarificationas to the beneficiaries of the bond, stating whether it would be both theFederal Government and the federating units or the Federal Government alone,added that questions must also be asked on repayment of the Eurobondin order to determinewhether deductions would be made from the federation account.

In a statement issuedon Friday, by his Chief Press Secretary, IdowuAdelusi, the governor said, “What I’m even worried about and which theymust explain to us is that you cannot get a bond without committing it tothe source.

“Is the repayment going to be made by direct deductions from Nigeria'scrude oil sales or from Federal Government share from the federationaccount?

“If it is going to be made directly from proceeds of crude oil accruing toNigeria as a country, then the bond belongs to the federal, state and localgovernments and not federal government alone.

“The federal government is just one of the federating units that make upNigeria and revenue accruing to the country cannot be used to repay bondtaken by the federal government for its own use alone.

“The Federal Government must therefore tell Nigerians how it intends torepay the facility from now till 2032. If it is going to be through directdeductions from revenue accruing to Nigeria, such that money would be takenfrom source which would not be part of the accruals to the central body, itmeans the $1 billion bond belongs to Nigerians and it must be shared amongthe federating units.

“So, we have to find out and take steps. The FederalGovernment cannot take that money and take it from source and tell us thatthe money, which belongs to all of us, federating units, is its.”

Speaking further, Governor Fayose said: “Fiscal federalism is notmanifesting in the agenda of this government. The way they are running theaffairs of this country is shrouded in secrecy.

We will definitely go to Court and ask questions.”

Expressing the fear that the $1 billion Eurobond may plunge the nation intomore serious economic woes as its repayment was scheduled to last till 2032.

Fayose said: “The APC government is behaving like the prodigal son whoasked for his inheritance and spent it lavishly.

“It is a prodigal government that wants to destroy this country. The rate atwhich they are taking loans which would keep this country indebted till2032 is quite unfortunate.

“Currently our currency has been badly devalued to N500 to a Dollar. So,how do we pay back the Dollar? They went to tie the money to the source;the accruals outside the country where crude oil revenue goes.

“Apparently, they don't care what happenstomorrow. They said they want touse the money to fund 2016, 2017, 2018 budgets which means after they aregone, the country can go to blazes and our children’s children can wallopin indebtedness. How can you appreciate that? This rate of borrowing would lead this country into serious challenge.At this same time, they are saying we should save for the raining day. Ijust want our people to know that the APC government is taking us toanother side of life, one is to destroy our economy, the other is death.”