Bauchi State Govt Takes N15billion Loan To Build Homes For Yuguda, Mu’Azu

The financial integrity of the Bauchi State government may be undergoing the worst of times presently as it struggles to offset its wage bill on time and regularly. Information available to 247ureports.com obtained through sources within the Bauchi government house indicates that the Bauchi State government under the leadership of Governor Isa Yuguda has undertaken a N15billion loan from a commercial bank. Available information indicates the loan was obtained in the last week of July 2014.

Governor, Isa Yuguda, Bauchi State

Governor, Isa Yuguda, Bauchi State

 

The N15billion loan was obtained following a supposed Bauchi State House of Assembly seating at the private home  of the Speaker of the State Assembly. The private meeting at the home of the Assembly Speaker resulted in the lawmakers hasty rectification of the loan sought by the State governor. The lawmaker gave the governor a go ahead to obtain the loan.

With the go ahead, the Yuguda administration applied and got the loan. The loan was given by a commercial bank at typical finance rates considered exorbitant for a financially incapacitated state as Bauchi.

Credible information obtained from a reliable source points to the N15billion loan as a going away present for the governor of Bauchi State and his deputy. The source also pointed to the national chairman of the peoples democratic party [PDP], Malam Mu’Azu and his deputy – as recipients of the said loan. “N3billion will go each to Yuguda, his deputy, Mu’Azu and his second” said the source who added also that the monies are meant for the four individuals to erect new homes for themselves.

Already, the Bauchi State has acted to purchase a new home for its new Secretary to the State Government [SSG], Aminu Hamayyo at Wuse 4 in Abuja for the amount of N120million. Prior to the purchase of the new home, the SSG was squatting with the former SSG. He doubles as the commissioner for land, budget and finance – and the SSG. In addition, luxurious home were purchased for the top aides in the Yuguda administration in Abuja. The principal secretary, Adamu, the head of due process, the son to the governor, Idi, Turaki Gubir, Abubakar Tari, Mamoud Magamaha, Ali Jubril and two other aides were recipients to he giveaway gifts.

Currently, the Bauchi state government owes two months of salaries to its workers. The State government have been unable to pay its salary on time since January 2014. The state has been lacking two months behind in salaries since January 2014.

In a desperate effort to issue state bonds as a means to raise financial resources, the Bauchi state financial handlers approached the Nigeria stock exchange but the effort failed to yield expected result. They were shut down. The stock exhange top boss observed the financial volatile nature of Bauchi for near foreseeable future as ‘detrimental’. The Yuguda group, according to our source, considered offering the top boss at the Nigeria Stock a kickback of N1billion to coerce her into allowing the bonds to be issued but the Yuguda group dropped the idea at last minute.

Meanwhile, latest development reveals unsettling whispers within the various security outfits stationed in Bauchi State. The complaints of the state government not being able to see to the welfare in the manner other state government are accustomed to – is reported to have become irrepressible by the top officers. The Bauchi State government is accused of not providing patrol vehicles or other like equipment to aid the fight against crime and protect lives and property. “We are handicapped“.

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4 Comments on this article. Feel free to join this conversation.

  1. Alhasseenor Adam August 19, 2014 at 11:01 pm -

    Allah yaisa mana

  2. M m muazu August 19, 2014 at 10:45 pm -

    If i may ask where all d formation was brought?But if it was true i think is inproper cz alots had to be done;to ensure vry much reasonable to secure this huge of money fr personal interest.A vry wrong idear.

  3. BABA August 19, 2014 at 7:13 pm -

    na waoooh

  4. Adamu August 19, 2014 at 11:01 am -

    Nawao. Demonocracy in Nigeria.