‘Fintiri inherited N140b debt, took N15b loan for projects’
It pointed out that rather than create wealth with the multiple loans collected, the immediate past administration diverted the loans to enrich few top government officials to the detriment of the citizens.
Disclosing this to newsmen yesterday in Yola, the Commissioner for Finance, Dr. Ishaya Dabiri, said the heavy debt forced the government to borrow N15 billion to finance capital projects that have a direct economic bearing on the lives of Adamawa people.
He explained that the loan was used for the construction of two fly-overs and interchange in the state capital, as well as different projects in all 21 local councils of the state.
The commissioner noted that while no government could operate effectively without borrowing, the previous government was reckless with the loans collected since it was not used for the public good.
“Since we came on board, we only collected loan once; N15 billion from a commercial bank, which is being used to construct all the roads in the 21 local councils, including the fly-over and interchange”.
“Of course, we inherited over N140 billion the from previous government. Some have matured and we paid them fully. There are some that are still ongoing, warranting the deductions of a reasonable amount from our federal allocations monthly for the settlement of such loans, both local and foreign,” he stated.
However, he lamented that the state was yet to access the N2 billion Coronavirus Disease (COVID-19) loan, which would have greatly assisted it in mitigating the impact of the pandemic in the state.
Blaming the situation on the huge debt stock left behind by the previous administration, he said the Central Bank of Nigeria (CBN) and Asset Management Corporation of Nigeria (AMCON) downgraded the credit rating of the state to negative did not help matters.
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