N205.19 billion Debt: Ihedioha Condemns Uzodinma’s Unbridled Borrowing

The former Governor of Imo State, His Excellency,  Rt. Hon. Emeka Ihedioha CON, has condemned the increasing level of indebtedness resulting from unbridled borrowing by Hope Uzodinma led administration in Imo State.

Speaking as the Special Guest of Honour at the Mbaise USA 13th Annual Convention at Santa Clara, California, in the United States of America, he said,  statistics released in April this year, by the Debt Management Office, DMO, shows that the debt profile of Imo State has jumped to N205.19 billion, which means it has more than doubled from the level he brought down the huge debt profile he inherited from the previous administration.

The high indebtedness of Imo State, incurred in the last two and half years, is cause for worry. This is because, while other states like Lagos, Ogun, Rivers and Akwa Ibom with the same level of debt profile have robust economic activities, including significant internally generated revenue to meet their loan obligations, Imo State is left with, practically nothing to fall back on to support its loan exposure. What this means is that the debt burden, without economic activities to generate revenue, will continue to weigh the state down.

Hon. Ihedioha described the high indebtedness as man’s inhumanity to man and a mortgaging of the future of the State.

The former Governor who used the opportunity to thank the people of Imo State especially of Mbaise extraction also gave an account of his 7months stint as the Governor the State.

He said rebuilding Imo State was at the heart of his growth and development initiatives. Of priority, he noted was the development of the human capital Index, the economy and Infrastructure with special interest in the rural areas.

Hon. Ihedioha who set up Technical Committees to harness potentials in the State stated that he took steps towards enhancing the internally generated revenue (IGR) thereby raising monthly revenue to over N1 billion (One  billion naira) by blocking areas of leakage through the introduction of Treasury Single Account, TSA, while reducing the dubious debt profile of the state.

During his 7-month old administration,  Chief Ihedioha says, short, medium to long term contracts were awarded to redress the sorry state of road infrastructure in the State.

To support rapid rural development, the former Deputy Speaker of the House of Representatives stated that  he ordered Caterpillars, Graders and Pail loaders for each of the 27 Local Government Councils.

Above all, he said, was the restoration of the people’s confidence through probity and accountability, full and regular payment of monthly salaries and pension arrears without stretching the aged beneficiaries for verifications in Owerri.

While speaking to over 2000 delegates from across the US, Europe and Nigeria at the 13th Mbaise USA Convention in California, he assured that if given an opportunity to preside over the affairs of the Imo State again, he will be bold In redressing the developmental retrogression in the state.

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