The All Progressives Congress, APC, has demanded full forensic
audit of Akwa Ibom state’s finances to determine its total indebtedness
to banks.
The party said it was afraid the immediate past administration of the Peoples Democratic Party, PDP, may have mortgaged the future of Akwa Ibom people under eight years of Gov. Godswill Akpabio administration.
The state APC publicity secretary, Ita Awak, said in view of Governor Udom Emmanuel’s plan to seek a debt conversion and restructuring by the Debt Management Office, DMO, the people needed to know first the state’s total debt profile.
Mr. Awak said the party had asked the Central Bank of Nigeria, CBN, and DMO to stay action on the request by the state government for debt restructuring until the Economic and Financial Crimes Commission, EFCC; Independent Corruption and other Practices Commission, ICPC, and other relevant agencies complete a forensic examination of the state’s financial health from May 29, 2007 to May 28, 2015.
“Everything considered, the leaders of Akwa Ibom APC are deeply troubled that all is not well with our beloved state. Judging by the unusual determination of the Udom Emmanuel interregnum to corner all our revenue into the Zenith Bank from where he was recruited, we fear that the Godswill Obot Akpabio’s administration must have mortgaged Akwa Ibom State,” the APC said.
“It is our considered view that the stubborn refusal to disclose our total indebtedness is a part of a very big cover up of the ‘uncommon’ and unprecedented financial mess left behind by the PDP government of Godswill Obot Akpabio,” it added.
Following persistent calls by the people in the last three months for details of the state’s indebtedness, the APC said the state government only reacted on Monday by revealing that the balance of the state’s debts to commercial banks was N64.5 billion.
The party described the figure as curious, as it differed by about N4.5 billion from claims by former Governor Akpabio who in an interview in May said his administration was “not owing up to N60 billion” as he prepared to vacate office.
The APC wondered how the government would pay workers and pensioners, while settling over N500 billion the party claimed the Akpabio administration left behind as debt to indigenous and foreign contractors.
The party said it was also interested in finding out if the N64.5 billion debt included the N5.7 billion owed Local Government Service pensioners since 2009, and another N17.5 billion to the Akwa Ibom State Civil Service counterparts.
Although total revenue accruals to Akwa Ibom from the Federation Account between May 29, 2007 and May 28, 2015, was in excess of N3 trillion, the APC described as questionable loans procured over the period by the state government, in addition to the Internally Generated Revenue, IGR.
The party said it was interested in knowing what the original total loans the Akpabio administration took from commercial banks between May 29, 2007 and May 28, 2015, as well as the purpose the loans were targeted at.
Besides, the party said it would also want to know the tenor of the loans, repayment terms, pricing (interest rate and other charges) and security/collateral used.
“The leaders of APC in Akwa Ibom State believe that these cardinal issues must be adequately clarified, addressed and settled before the State House of Assembly gives approval for the debt restructuring request by the state government,” the APC said.
“The total revenue the government of Godswill Obot Akpabio got in eight years is more than the total revenue that all the five South Eastern states of Abia, Anambra, Ebonyi, Enugu and Imo got in the same period, or a little over what all the six North East states of Adamawa, Bauchi, Borno, Gombe, Taraba and Yobe put together got in the same period,” it said.
Questioning the motive behind the directive for state government accounts in all the commercial banks in the state to be transferred to account No. 1014272029 with the Zenith Bank, Aka Road Branch, the APC said it was suspicious, considering that Mr. Emmanuel came from the Zenith Bank.
The party also questioned the motive behind decision to break all established Civil Service rules to appoint Linus Nkan from Zenith Bank and promoted overnight as the new Accountant General of the State.
The party said it was afraid the immediate past administration of the Peoples Democratic Party, PDP, may have mortgaged the future of Akwa Ibom people under eight years of Gov. Godswill Akpabio administration.
The state APC publicity secretary, Ita Awak, said in view of Governor Udom Emmanuel’s plan to seek a debt conversion and restructuring by the Debt Management Office, DMO, the people needed to know first the state’s total debt profile.
Mr. Awak said the party had asked the Central Bank of Nigeria, CBN, and DMO to stay action on the request by the state government for debt restructuring until the Economic and Financial Crimes Commission, EFCC; Independent Corruption and other Practices Commission, ICPC, and other relevant agencies complete a forensic examination of the state’s financial health from May 29, 2007 to May 28, 2015.
“Everything considered, the leaders of Akwa Ibom APC are deeply troubled that all is not well with our beloved state. Judging by the unusual determination of the Udom Emmanuel interregnum to corner all our revenue into the Zenith Bank from where he was recruited, we fear that the Godswill Obot Akpabio’s administration must have mortgaged Akwa Ibom State,” the APC said.
“It is our considered view that the stubborn refusal to disclose our total indebtedness is a part of a very big cover up of the ‘uncommon’ and unprecedented financial mess left behind by the PDP government of Godswill Obot Akpabio,” it added.
Following persistent calls by the people in the last three months for details of the state’s indebtedness, the APC said the state government only reacted on Monday by revealing that the balance of the state’s debts to commercial banks was N64.5 billion.
The party described the figure as curious, as it differed by about N4.5 billion from claims by former Governor Akpabio who in an interview in May said his administration was “not owing up to N60 billion” as he prepared to vacate office.
The APC wondered how the government would pay workers and pensioners, while settling over N500 billion the party claimed the Akpabio administration left behind as debt to indigenous and foreign contractors.
The party said it was also interested in finding out if the N64.5 billion debt included the N5.7 billion owed Local Government Service pensioners since 2009, and another N17.5 billion to the Akwa Ibom State Civil Service counterparts.
Although total revenue accruals to Akwa Ibom from the Federation Account between May 29, 2007 and May 28, 2015, was in excess of N3 trillion, the APC described as questionable loans procured over the period by the state government, in addition to the Internally Generated Revenue, IGR.
The party said it was interested in knowing what the original total loans the Akpabio administration took from commercial banks between May 29, 2007 and May 28, 2015, as well as the purpose the loans were targeted at.
Besides, the party said it would also want to know the tenor of the loans, repayment terms, pricing (interest rate and other charges) and security/collateral used.
“The leaders of APC in Akwa Ibom State believe that these cardinal issues must be adequately clarified, addressed and settled before the State House of Assembly gives approval for the debt restructuring request by the state government,” the APC said.
“The total revenue the government of Godswill Obot Akpabio got in eight years is more than the total revenue that all the five South Eastern states of Abia, Anambra, Ebonyi, Enugu and Imo got in the same period, or a little over what all the six North East states of Adamawa, Bauchi, Borno, Gombe, Taraba and Yobe put together got in the same period,” it said.
Questioning the motive behind the directive for state government accounts in all the commercial banks in the state to be transferred to account No. 1014272029 with the Zenith Bank, Aka Road Branch, the APC said it was suspicious, considering that Mr. Emmanuel came from the Zenith Bank.
The party also questioned the motive behind decision to break all established Civil Service rules to appoint Linus Nkan from Zenith Bank and promoted overnight as the new Accountant General of the State.
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