Cross River pays off N55 billion debt in 12 months: Governor Otu

Governor Bassey Otu of Cross River State said since he assumed office on May 29, 2023, a total of N55 billion has been paid to offset debts and contractual obligations.

Addressing journalists at a dinner organized on Thursday night in Calabar to present the scorecard of his administration, Otu said the government achieved this through prudent management of resources.

“These are debts that we fulfill and that we must begin to pay if the State wants to move forward,” he said.

The governor refuted a report by the Debt Management Office (DMO) that Cross River State’s debt burden amounted to N220.2 billion.

The DMO had said the state recorded an 8 per cent increase in domestic debt profile after the current government borrowed the sum of N16.15 billion.

According to the DMO, the state debt burden increased from N204.05 billion to N220. 20 billion in six months.

“Regarding the much talked about state debt burden, I wish to clarify that the error caused by the Budget Office of the Federal Ministry of Finance has been corrected and the adjusted figure will be uploaded on its website as soon as possible,” he said. .

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Otu also said his administration reactivated the state reserve fund account which currently has a balance of N3.7 billion.

“We have also initiated the process of valuing critical assets of the State, which will invariably expand our investment portfolio,” he said.

The governor further said that the state has introduced complete automation of revenue collection.

The essence, in his words, is to control the main ministries, departments and agencies that generate revenue, as well as block leaks.

Otu said the automation of the system was also aimed at facilitating 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’s internally generated revenue increased by 60.6 per cent to reach N36.3 billion,” he said.

(YAYA)