C'River Assembly Speaker Decries N740bn Debt Incurred by Ayade's Administration

May 15, 2024 - 18:48
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C'River Assembly Speaker Decries N740bn Debt Incurred by Ayade's Administration

From Abdul SULE (Abuja)

The Speaker of the Cross River State House of Assembly, Elvert Ayambem, has decried the N740 billion debt incurred by former Governor Ben Ayade's adminstration.

Speaking to newsmen in Abuja yesterday, the Ayambem said that the debt burden and its effect on the current Otu’s administration cannot be quantified, describing it as humongous loans.

The Speaker disclosed that after four years under Ayade's administration from 2015, Cross Rivers state had a domestic debt profile of ₦115.5 billion and an external debt of $136.4 million (₦138.4 billion).

In the second tenure, Speaker further disclosed that Ayade amassed a domestic debt of ₦197.2 billion and an external debt of $209.5 million (₦291.1 billion) and you hear people saying that the former governor did not take any loan”.

Ayambem also accused Ayade of concessioning all the viable projects, and yet, according to the Speaker, “you hear people saying that the former governor did not take any loan.

“These things that are in the public glare, and you will sit and say that he did not take any loan. That is outrageous," he stated.

In the last couple of months, the House of Assembly have been looking into the last administration's programmes and policy implementation and financial dealings.