Following statements recently credited to the Osun state Governor, Prince Olagunsoye Oyinlola that a $300million water project loan obtained by the Old Oyo stated government was mismanaged by government officials; the Bread of Life Development Foundation has called for a probe to unearth to determine the culprits involve in this fraud and also bring them to book.
It is not enough for the State Government to allege illegal diversion of huge funds secured as loans to provide water services in several urban towns in the present Osun State, that was part of the old Oyo State; the Governor should summon the political will to institute a Judicial Inquiry into this alleged mismanagement and misappropriation of the $300million dollar loans.
We believe cases such as this occurred on several water projects in Nigeria. It is saddening for instance that Nigeria governments over the years had secured over $2billion dollars from International Financial Institutions such as the World Bank and the African Development Bank as Water loans, yet access to safe water is a mirage in almost all Urban and Small towns in Nigeria.
It is regrettable that the projects which the $300million loans were secured for were implemented, and Bread of Life considers this as an act of economic and social sabotage. Bread of Life therefore calls on the Economic and Financial Crimes Commission (EFCC) to investigate all cases of loan diversions and mismanagement not only in the water sector in other sectors of the economy
We also call on the appropriate committee in the National Assembly to monitor the unbridled quest for loans by the Federal and State Governments from the World Bank and African Development Bank, as the Old Oyo State case has clearly shown that these funds are avenues for financial graft and personal enrichment.