Cross River State Governor, Senator Bassey Otu, vehemently denies the acquisition of any loans, domestic or foreign, since the inception of his administration on May 29, 2023. His reaction stems from discrepancies in the figures presented by the Debt Management Office (DMO) and circulated by media outlets like the Punch Newspaper and analyzed by Primetime News.
Expressing bewilderment, Governor Otu’s Chief Press Secretary, Nsa Gill, questions the DMO’s methodology in arriving at a domestic debt profile of N220.2 billion for Cross River State in December 2023, a significant increase from N204.04 billion recorded in June 2023. This alleged discrepancy implies a fresh domestic loan of N16.2 billion, which the Governor refutes adamantly.
Governor Otu challenges anyone, including the DMO, to provide evidence of such loans, emphasizing the stringent processes involved in borrowing, including legislative approvals, none of which have occurred during his tenure.
Furthermore, Governor Otu emphasizes the importance of accurate reporting, highlighting the complexity of DMO’s debt profile spreadsheets, which include various factors like principal amounts, interests, and other obligations. He rejects any calculations insinuating an increase in the state’s debt without proper justification.
Reiterating his commitment to fiscal responsibility, Governor Otu pledges to uphold the principles of the “People First” administration and directs the Commissioner for Finance to seek clarification from the DMO regarding the inaccurate figures.
When this news medium analyzed the debt profile of the state and what the government should do differently. Our reporter relied on the data provided by DMO.
Moreover, recalled that the Chairman of YPP, Comr. Anthony Bissong Attah had called out some Government officials to respond to the released data, but the silence that reckoned the expected response was too long for comfort.
However, the recent denial by Governor Bassey Otu of Cross River State regarding the acquisition of fresh loans has ignited a contentious debate, shedding light on discrepancies within the Debt Management Office’s (DMO) data. While the Governor vehemently refutes claims of any additional borrowing, citing a lack of evidence and proper procedure, the DMO’s reported increase in domestic debt has sparked confusion and concern among citizens.
Primetime News underscores the importance of accurate and transparent financial reporting, urging governmental institutions, including the DMO, to ensure consistency and reliability in their statistics before dissemination. The need for cross-referencing and validation of data from various sources is paramount to avoid misinformation and uphold accountability.
Furthermore, Governor Otu’s directive to the Commissioner for Finance to confront the DMO regarding the inaccuracies underscores the government’s commitment to financial responsibility and integrity. As the administration pledges to prioritize the welfare of the people and adhere to fiscal regulations, Primetime News calls for collaboration between governmental bodies to rectify discrepancies and restore public trust in financial governance.