Ortom Hands Over N187.56bn Debt to Benue Governor-elect

George Okoh In Makurdi

Out-going Governor of Benue State, Mr. Samuel Ortom, yesterday handed over a debt profile of N187.56 billion of Benue state to the in-coming  governor, Rev.Father Hycinth Alia.

In a summary hand-over note by Ortom to Alia,he said the total indebtedness of the Benue state government “At this time of the exit of my administration from office is N187.56 billion this is inclusive of salary and pension arrears, loans and bonds as well as outstanding contractual obligations, debt swap; expected inflows and debt reduction.

He said  although the debt situation  of  the state  government  at  this  time  of the  exit  of his administration might appear on the high side, he assured  them that his administration  had  taken  proactive  steps  to  negotiate,  ensure significant debt reduction/reliefs.

“Debt swap between Benue state and Federal government. Total Debt Swap for State and Local government councils(N71.6 billion); In flows being expected backlog of accumulated Stamp Duties (N48 billion); refund from Debt Swap with Federal Government (N22.95 billion).TotalingN70.95 billion.

“Thus, by the time you discount or factor in the negotiated debt swap  and  the  expected  inflows,  the  State  would  attain  a  debt reduction and bringing down the state’s debt profile to N45.2billion.”

He said in addition, Benue state has outstanding approvals awaiting disbursement from the federal government.

In his response, Alia promised to develop the state and improve on the debt profile of the state.