Abiodun to banks: Stop using common people’s money to buy off rich men’s debts

Ogun State governor, Prince Dapo Abiodun, has called on banks and financial institutions in the country to abolish the system of using the savings of the common people to buy off debts of the rich, as this practice does not augur well for the economy of the nation. He also pleaded that they should look at how inflation rate would be reduced, as well as, how to put an end to non-remittance of public funds by those collecting taxes, rates and charges on behalf of government.

The governor spoke while welcoming participants to the 11th Annual Bankers’ Committee Retreat, with the theme, “Delivering Inclusive Growth: Leveraging Digital Finance”, held at the Resort and Conference Centre in Ogere-Remo, Ikenne Local Government Area. According to him, it was “the message of the masses to the Bankers’ Committee”.

He noted that was imperative for bankers to evolve more pragmatic approaches that would encourage savings and investments, create links between savers and investors and also facilitate the expansion of financial market.

The governor noted that the promotion of the local Adire fabrics was his administration’s deliberate policy to stimulate the local economy of the state by opening up market and create value chain for the local fabric produced in the state. He added that government would partner with banks to get single digits interest loan for the state’s farmers, retailers, artisans and tradesmen. He observed that though the country depended more on the oil industry, “the banking industry plays a crucial role in the development of agriculture and its value chain, infrastructure, manufacturing, education, health, among others.

“In agriculture, we are particularly grateful to the Central Bank of Nigeria for partnering with us in the Anchor Borrowers Scheme that has potential to lift over one million people out of poverty and targeted at producing 200,000 agri- preneuers”, he contended. He reiterated that government would make information available through digitalisation, to drive employment and create jobs.