…challenges DMO over fresh borrowing
Cross River State Commissioner for Works and Infrastructure, Ankpo Pius, says the state is set to commence the construction of 10 new roads across the state.
The Commissioner stated this in his office during interactions with journalists on Wednesday.
According to the Commissioner, the Bassey Edet Out-led administration met poor road infrastructure and is desirous in taking the state back to recogning.
He said the administration has so far completed a number of road infrastructure across the state in Calabar Municipal Council and other parts, saying, as we speak there is ongoing road infrastructure across the state. In the Northern Senatorial District, for instance, the road to the deputy governor area was impassable and many others.
He revealed that construction will soon commence on the Adiabo-Ikoneto Road by the Bassey Otu administration, noting that the legacy projects of Senator Ben Ayade’s administration would be completed. In May, the administration would commission Cargo Airport while work at the Bakassi Deep Seaport would also commence.
Meanwhile, Governor Otu has denied neither taking nor signing any fresh loan, either domestic or foreign, since the inception of his administration on May 29, 2023, till date.
The governor’s reaction follows the worrisome figures presented on the spreadsheet of the Debt Management Office (DMO) and posted on their website.
Speaking through his Chief Press Secretary, Nsa Gill, Governor Otu wondered how the Debt Management Office arrived at N220.2 billion as the domestic debt profile of Cross River State as of December 2023, up from N204.04 billion posted for the state as of June 30, 2023.
The difference in the figures, subtracting N204 billion from N220.2 billion is the purported N16.2 billion reported as a fresh domestic loan allegedly obtained by Governor Bassey Otu’s administration. “This is not true,” the government stated.
“There’s no record in the annals of the state government that suggests that fresh borrowing was undertaken; since the inception of the present administration till date; both domestic and foreign debt.
“We challenge any person, including the DMO, who has evidence of any fresh loan taken under the administration of Governor Bassey Otu to make that Public,” the Governor’s spokesman said.
He noted that fresh loans take processes, including seeking legislative approvals, and “the governor has not signed nor taken in a fresh loan on behalf of the state.”
He quoted the governor also as saying, “Anyone in doubt of our position can make findings with the state legislature and even to the DMO. I have taken up the matter with the DMO and they have denied knowledge of any fresh loan under the current administration.”
The Chief Press Secretary said Governor Otu frowns at the misinformation portraying fresh borrowing and demands scrutiny of the figures posted by the DMO.
“It is also pertinent that the media and the general public understand that the dynamics of DMO debt profile spreadsheets include the principal amount plus interest over time as well as other variables that may have been made available to the DMO; such as judgement debts, contract debts, garnishee orders, etc. In this case, Cross River State government vehemently rebukes any interest calculation or any surreptitious calculation that portrays the government to have increased her domestic debt profile by borrowing N16.2 billion within June 2023 to December 2023. And taking foreign debt amounting to $57.9 million within the same period.
“We would like to reiterate that Senator Bassey Edet Otu’s “People First” administration has promised the good people of Cross River State a very financially responsible leadership and will not borrow except for very critical and fiscally responsible reasons in line with the Fiscal Responsibility Act of 2007.
“Moreso, the governor has directed the Commissioner for Finance in the state to take up the DMO on the figures and ensure clear explanations are given on the published figures which are untrue and unacceptable,” he said.
