Sunday, April 14, 2024

C’River Govt denies taking N16bn loan


Cross River State Authorities has faulted claims by the Debt Administration Workplace, DMO, that it took a contemporary mortgage of over N16 billion.

DMO revealed on its web site that Cross River State’s home debt was N220.2 billion as of December 2023.

As of June 30, 2023, the debt stood at N204.04 billion, indicating that the federal government had purportedly taken a contemporary mortgage of N16.2 billion.

A press release by Governor Otu, launched by his chief press secretary, Gill Nsa, insisted: “This isn’t true. I’ve not obtained any loans. There’s no report within the annals of the state authorities that implies that contemporary borrowing was undertaken, since inception until date, each home debt and overseas debt.

“We problem any individual, together with the DMO, who has proof of any contemporary mortgage taken underneath the administration of Governor Bassey Otu to make that public.”

Noting that taking contemporary loans requires some processes, together with searching for legislative approvals, the assertion reiterated that “the governor has not signed nor taken in a contemporary mortgage on behalf of the state.”

The assertion additionally challenged anybody doubtful to acquire verification from the state legislature in addition to the DMO.

The assertion additional defined that the state had approached the DMO, they usually have denied data of any contemporary mortgage underneath the present administration.

The assertion additional defined: “It’s also pertinent that the media and most people perceive that the dynamics of DMO debt profile spreadsheets embrace the principal quantity plus curiosity over time, in addition to different variables which will have been made accessible to DMO, equivalent to judgement money owed, contract money owed, garnish orders, and so forth.

“On this case, the Cross River State Authorities vehemently rebukes any curiosity calculation and any surreptitious calculation that portrays the federal government to have elevated her home debt profile by N16.2 billion between June and December 2023 and the overseas debt by $57.9 million throughout the similar interval.”

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