Anambra Govt Still Repaying Loans Left By Peter Obi, Willie Obiano Administrations-Finance Commissioner

Anambra State Government is still repaying the loans left by the Peter Obi and Willie Obiano administrations, the state Commissioner for Finance, Mr Izuchukwu Okafor, has submitted.

Team@orientactualmags.com learned that Okafor said this during an appearance on Ndi Anambra podcast which was made available on social media by Anambra State New Media on Monday.

Commenting on the state’s public debt, the Finance commissioner said the current administration had not borrowed from any commercial bank since its inception while however continuing to service loans inherited from previous governments.

‘It’s on record, you know, that this administration has not borrowed a kobo from any commercial bank since it came into being.

 Yes, every month during our FAC meetings, and when you see the schedule of FAC, you will notice there were substantial, significant deductions from our own FAC because of loans previously borrowed by previous administrations.

These loans were borrowed, you know, during the time of, even, not the immediate predecessor, even during the time of Peter Obi and Willie Obiano, His Excellency, the past governors’ he said.

The Finance Commissioner noted that while the Soludo administration has not taken any loan, it has however significantly reduced the state’s debt burden while also clearing several inherited domestic obligations.

‘But I will also say that Mr Governor has not borrowed a penny. We have been able to manage the debt, the state debt, very well, that we have brought it down by more than 83 per cent as of today. I’ve been able to repay back most of these loans.

 But I will give you an example for our domestic debt, the control, the legacy, what we call legacy debts, you know, the contracts that were not paid, not owing, the gratuity arrears, pension arrears, we’ve been able to clear all that.

In terms of, so, our domestic debt as of today is near-zero balance’ he added.

Okafor also explained the conditions guiding some loans that he described as ‘external debts’.

 ‘But following as well, external debts, which is foreign loan-denominated debts, when you look at it, because there are some covenants around the period it will take to pay off these loans, particularly deducted as such when we are doing FAC.

Before they limit Anambra’s own allocation, they will deduct it as such, because most of them, World Bank loans and other loans, they committed.

 There is one debt that we recently paid off, CAGS.

So, in a nutshell, I’ve been able to, you know, create more fiscal space for Anambra State.

This administration has been able to create more by paying off, you know, backlog of numerous debts inherited from previous governments, starting from the time of Peter Obi’ Mr Okafor submitted,

Mr Peter Obi served as governor of Anambra State from March 17, 2006, to March 17, 2014 while Mr Willie was the chief executive of the state between March 17, 2014 and March 17, 2022-Team@orientactualmags.com  Do you have any information you wish to share with us? Do you want us to cover your event or programme? Kindly send SMS to 08035023079,  08059100286, 09094171980 or get in touch via orientactualmag@gmail.com.. Thank you