Abia State Governor Reveals N192.2bn Debt Burden, Stresses Prudent Financial Management

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In a recent conversation with reporters, Abia State Governor Alex Otti disclosed the staggering debt inherited from his predecessor, Okezie Ikpeazu, amounting to N192.2 billion. This revelation sheds light on the financial challenges facing the current administration.

Governor Otti acknowledged the efforts made to settle some of the debts but highlighted the persistence of outstanding amounts with exorbitant interest rates, posing a significant burden on the state's finances.

Despite these challenges, Otti emphasized the importance of prudent financial management and expressed confidence in his administration's ability to navigate through these difficulties.

Addressing concerns about borrowing, Otti stressed the need to borrow responsibly and emphasized his administration's commitment to managing expenses efficiently.

Furthermore, Otti expressed relief that the state was not listed among the indebted states recently disclosed by the Debt Management Office. He reiterated his administration's focus on financial discipline and effective resource utilization.

Regarding pension arrears, Otti reassured pensioners that their entitlements have been settled, eliminating the backlog of arrears dating back to 2014. He emphasized the administration's commitment to timely payment of pensions and salaries.

On the state of local government headquarters, Otti expressed dismay over their neglect in past administrations, noting that 90% of these facilities had fallen into disrepair. He highlighted ongoing efforts to address this issue and ensure the effective functioning of local government administrations.

Responding to concerns about the alleged hijack of local government funds, Otti reassured that such actions would not occur under his administration's watch. He pledged transparency and accountability in the management of funds, emphasizing the importance of empowering local government authorities to fulfill their responsibilities effectively.


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