Ex-PDP governorship aspirant urges A’Ibom to publish its total debt profile

Gov Udom Emmanuel

By Nse Peter

How much is the total debt burden of the Akwa Ibom State government? That is one question that has refused to go away, even after the state government through its commissioner for finance, Akan Okon has publicly admitted that the state owes commercial banks, N64.5 billion only.

Former PDP governorship aspirant in Akwa Ibom, Okon Iyanam, Tuesday, asked the state government to be honest enough to tell the people the ‘total outstanding liability’ of the state.

Mr. Iyanam said in a public statement, “Akwa Ibom State owes N65billion. Yes. But to commercial banks. It is our comprehensive range of debts that needs to be restructured. Not one-third of it!
“What is the total sum outstanding in the state's current liability account, including outstanding personnel, recurrent and contractor liabilities? What percentage of this does the N65 billion represent? What is the balance and what repayment plan attends this balance? What is the sum attributable to mid-to long term liabilities and what repayment plans apply there?
“Given the anticipated shortfalls in our revenues from the federation account and the flattening of IGR to circa N18-22 billion yearly across the past 4 years, it is likely that our ability to meet current and mid to long term liability accruals will be severely constrained. Therefore, a comprehensive restructuring is imperative if the state is to take full benefit from the current effort.
“To achieve this, we need to know the current total outstanding liability. Not a portion or a fraction of it,” Iyanam said.