Governor Otu of cross-river state pays off ₦55 billion inherited debt in 12 months
Written by Olakunle Oke on May 31, 2024
The governor achieved this through prudent management of resources.
Addressing newsmen at a dinner to give his administration’s stewardship, on Thursday night in Calabar, Otu said that the government achieved this through prudent management of resources.
“These are debt we met and which we must begin to pay if the state is to move forward,” he said.
The governor also refuted ₦220.20 billion debt burden purportedly owed by the state published by the Debt Management Office (DMO). The DMO had said that the state recorded an 8% increase in domestic debt profile after the present government borrowed the sum of ₦16.15 billion.
According to the DMO, the state debt burden rose from ₦204.05 billion to ₦220. 20 billion in six months.
“On the much talked about debt burden of the state, I wish to clarify that the error that was caused by the Budget Office of the Federal Ministry of Finance has been corrected and the adjusted figure shall be uploaded on their website soonest,” he clarified.
Otu also said his government had reactivated the state reserve fund account, which at present has a balance of ₦3.7 billion.
“We have also initiated the process of valuing critical assets of the state; which will invariably expand our investment portfolio,” he stated.
The governor said further that the state had introduced full automation of revenue collection. The essence, according to him, was to monitor major revenue-generating ministries, departments and agencies as well as block leakages.
Otu said that the automation of the system was also to facilitate the deployment of necessary measures to collect revenue from micro and small businesses in rural areas across the state.
“From June 2023 to May 2024, the State internally Generated Revenue (IGR) has grown by 60.6% to ₦36.3 billion,” he noted.
Source; Jordan 105fmm News bulletin
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