Governor and his kitchen cabinet will sit down and say how can we raise money to siphon; the bonds markets.
Commissioner of finance, accountant general and treasurer will put up a fancy document, send to DMO; dmo will approve, send to SEC; sec will approve,
Then come to Lagos,
Commissioner of finance, accountant general and treasurer will put up a fancy document, send to DMO; dmo will approve, send to SEC; sec will approve,
Then come to Lagos,
Get a transaction sponsor, security underwriter, issuing houses.
The private sector doesn’t care as far as they can get the state to sign an irrevocable standing payment order to debit from source (state’s FAAC account should anything go wrong. State defaults, & ISPO kicks in.
The private sector doesn’t care as far as they can get the state to sign an irrevocable standing payment order to debit from source (state’s FAAC account should anything go wrong. State defaults, & ISPO kicks in.
The National Assembly has to come in (Senate and House Committees on Capital markets) to ensure that
1. Governors present fiscal strategy papers to DMO and SEC, and the bar for approval is steep
2. ISPO to FAAC is not the only guarantee the states give the private sector.
1. Governors present fiscal strategy papers to DMO and SEC, and the bar for approval is steep
2. ISPO to FAAC is not the only guarantee the states give the private sector.
What will happen to that guarantee if the states win the FG at supreme Court for VAT collection, and the allocation to states drop? And every region has to go and fend for itself through IGR?
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