In the wake of recent revelations concerning the borrowing spree among state governors, particularly in Cross River, it has become imperative to assess the impact of these actions on the state’s financial stability and overall well-being. With a history of successive administrations engaging in hefty borrowing, the state finds itself at a critical juncture, requiring strategic and prudent measures to navigate its way out of the debt quagmire while prioritizing the welfare of its citizens.
The Borrowing Trend in Cross River: A Historical Perspective
Cross River State, once touted for its economic potential and natural resources, has seen a succession of administrations resorting to borrowing as a means to finance various projects and initiatives. From the tenure of Mr. Donald Duke to the reign of Sen. Liyel Imoke and Sen. Ben Ayade, the state’s debt burden has steadily increased, casting a shadow over its financial health.
Assessing the Impact of Excessive Borrowing on Cross River
The ramifications of the borrowing spree are evident in the state’s current predicament, as highlighted by the recent disclosure of Governor Bassey Otu’s substantial loans. While investments in infrastructure and development are essential for progress, unchecked borrowing without commensurate returns only serves to exacerbate the state’s financial woes, leaving future generations saddled with debt.
The Need for Prudent Financial Management and Sustainable Development
As Sen. Prince Bassey Otu assumes office amidst escalating debt levels, there is an urgent call for a paradigm shift in governance towards sustainable development and prudent financial management. Rather than perpetuating the cycle of debt accumulation, the focus should be on identifying viable investment opportunities that yield tangible benefits for the state and its people. As it stands, data culled from the Punch Newspaper, online reveals that Cross Rivers Governor, Bassey Otu, took the highest loan, with N16.2bn from domestic and $57.95m from foreign creditors between June and December 2023.
Embracing Profitable Ventures for Socio-Economic Growth
To reverse the fortunes of Cross River, Sen. Prince Bassey Otu’s administration must prioritize profitable ventures that generate revenue and foster socio-economic growth. By leveraging the state’s abundant resources and exploring low-hanging fruits, such as agriculture, tourism, and renewable energy, Cross River can unlock its true potential and chart a path towards prosperity.
Putting People First: A Mantra for Good Governance
Central to Sen. Prince Bassey Otu’s mandate is the principle of “People First,” which underscores the importance of prioritizing the welfare and interests of the citizens above all else. This ethos should guide every policy decision and expenditure, ensuring that the dividends of governance are felt by the people on the ground.
Conclusion
In conclusion, the borrowing spree among state governors, particularly in Cross River, underscores the need for a fundamental reorientation in governance towards sustainable development and people-centric policies. Sen. Prince Bassey Otu’s administration must seize the opportunity to break free from the shackles of debt and embark on a transformative journey towards a brighter future for Cross River and its inhabitants. By embracing prudent financial management, harnessing the state’s potential, and prioritizing the well-being of its citizens, Cross River can emerge stronger and more resilient than ever before.