The Akwa Ibom State government owed commercial banks N64.5 billion when Udom Emmanuel took over from Godswill Akpabio as governor, the state Commissioner for Finance, Akan Okon, has said. Mr. Okon who spoke, Wednesday, in Uyo during a conversation on #ProsperityWithoutOil, organised by the Independent Newspaper Publishers Association, said the state government decided to restructure the debt into federal government bond so as to lessen the burden of servicing it.

“The loan was to be repaid within a period of three years, and the debt servicing obligation was in the region of N3.5 billion every month.
“Given what is on ground now, if we receive N7 billion monthly and pay out N3.5 billion, what is left won’t even be enough to do anything,” Mr. Okon said, adding that Akwa Ibom’s monthly revenue from the federation account in the last 10 months wasn’t up to one-sixth of what it used to receive some two to four years ago.

He said the window provided by the federal government bond allowed the state to pay back the loan in 20 years. Even at that, Mr. Okon said, “Our cost profile today is much higher than five years ago when we used to receive between N25 billion to N30 billion (monthly)”. “But we are able to use it and the Internally Generated Revenue (IGR) to make sure that workers salaries are paid.”

Both Mr. Okon and Mr. Emmanuel had served in Mr. Akpabio’s government, though briefly. Mr. Okon was finance commissioner, while Mr. Emmanuel was the secretary to the state government.

The focus of the present administration, according to Mr. Okon is to block leakages, shore up the IGR, and pull the state economy away from being dependent on oil money.
“We are blessed with very arable lands that we could grow agricultural products year in, year out. Take for example, the price of crude oil is $40 per barrel, and the price of palm oil is $90 per barrel as we speak today.“Akwa Ibom in years past used to occupy fourth position, nationwide, in cocoa production. “The government is today doing everything to encourage cocoa farmers to increase the area under cultivation, because we believe we can earn foreign exchange in this area,” the finance commissioner said.

The commissioner also responded to public criticism against bank loans so far collected by the current administration.

“I don’t know why we are afraid of loans. It is important we think outside the box. There is no money as it used to be before. Salaries take 70 per cent of the state’s monthly allocations from federation account.

“We need money for road construction and other projects. Even in the United States, government takes loans to finance government businesses."

http://www.premiumtimesng.com/news/top-news/202681-former-gov-akpabio-left-n64-5-billion-debt-akwa-ibom-commissioner.html

Mynd44, Lalasticlala

13% derivation for 5+yrs of unprecedented oil price where did it disappear to??

Nigeria we hail thee..

All gone into funding private pockets!

The level of corruption in government is absurd!

Why a man will decide to be this callous to another is is inexplicable.

There's this serving governor who got sworn in not quite long ago. He hasn't really got things going for the state yet, but already has plans mapped out for embezzlement... what was I even saying, he's already zapping the state dry! The conduit? A reputable bank!

Brainless Akpabio, instead of building refinery that will add value in terms of productivity, he built a stadium... Smh for naija leaders

And some still hail him as an excellent leader, even when he had it easier than many other governors... with 13 per cent derivation, he still left a debt of N64.5 Billion.

Leave Sen.Akpabio alone let him think on what to do about Dubia issue,before he would commit suicide like Tiwa savage husband! Akpabio that i know can't get saraki mind.............

To the Wailers..... it's not a big a deal since Aregbesola isn't performing a magic in Osun!
SMH for the wailing Zombies!

.

30 billion naira monthly during the oil boom.akwa ibom suppose turn small Dubai by now,akpabio finish aks no be small.

Nawa 4 these politicians oooooo

If posterity allows them go scot free, then posterity itself is just a mere "MYTH"

Amaso99:
Brainless Akpabio, instead of building refinery that will add value in terms of productivity, he built a stadium... Smh for naija leaders

Una eyes just dey open.
You all deserve the eye candy that your politicians are providing you.
Flyovers
Unviable airports
Expensive Roads to unviable places
Amusement park
Stadiums
Hotels
Conference centres
Expensive monuments
Are some of the things that money was and is still being wasted by almost all the governors.
Like I have said before, the only places who played to their strengths during the boom were Lagos, ogun, oyo and Rivers.
A country wishing to develop has other priorities starting from technical education all the way to cottage industries and finishing up by building value chains on those investments.

Excerpt from a comment I made over a year ago.

Lastly, when I say that Abuja is rubbish for the money spent and wasted on it, your picture proves it all over again.
South Korea, Thailand, Indonesia, Malaysia etc were building power plants, steel plant,aqueduct,pharmaceutical, IT,industrial and technology Hubs while our useless leaders were wasting money on building a chappy and soulless capital.
Guess what? they are still wasting money on that rubbish.
The worst thing is that Nigerians cannot even build their own damn roads. They give the contracts to foreigners to build them substandard infrastructure.

evy1:
30 billion naira monthly during the oil boom.akwa ibom suppose turn small Dubai by now,akpabio finish aks no be small.

GBAM.



@ Oduastates ..

On point..

Akpabio's accomplishments were largely exaggerated when you place them side by side what accrued to the state over the period he held sway, giving credence to the thought that he's the wealthiest Senator after David Mark.

That man money long like Ali Modu Shekau own and him come make the state debt long like him money.

Watch how "they" invade the thread to remind us how much Lagos is owing and how they've been on queue since the age of the dinosaurs to get fuel in vain..

No permanent friend in politics

Jesus is Lord

modath:

13% derivation for 5+yrs of unprecedented oil price where did it disappear to??

Nigeria we hail thee..

Better than Lagos state whose debt profile is competing with National debt, notwithstanding all the Federal presence and not being up to 1% of Nigeria landmass.

Condemn Akpabio but turn a blind eye to Fashola...

The hypocrisy of all these paid APC hacks stinks to the heavens.

modath:


GBAM.



@ Oduastates ..

On point..

That is minus IGR.

They were all part of the loan since they al ran Akpabio's tenure together.

But people are greedy sha. He got enough to put Akwa-Ibom on world's watch.

If this had come from APC, it would be trial by media.
the generation of youths we have in Nigeria now are a big disappointment. Believe me all other generations were better, bolder , more intelligent , global in reach, principled.
All the kids on Nairaland are just a bunch of local breeds trying to sell their destinies to openly less intelligent politicians.
What is wrong in believing in PDP yet still accepting that a few politicians were corrupt and should be punished?. Or that a presidento should have been more courageous in destroying friends who were destroying his legacy?

Cluelessness should not become a contagious disease

This is an oil producing state o. If we talk now, dem go say 'na our son. na our oil'

onenaira5, my bingo, come see this news

LadyExcellency:


Better than Lagos state whose debt profile is competing with National debt, notwithstanding all the Federal presence and not being up to 1% of Nigeria landmass.

Ambode inherited N432b debt from Fashola – Lagos Government reveals

http://dailypost.ng/2016/01/07/ambode-inherited-n432b-debt-from-fashola-lagos-government-reveals/

1. Lagos state's debt is N432 billion .

2. Lagos state has the best local and international credit rating in Nigeria.

3. Lagos state has a debt servicing account with billions saved just for debt payments.

4. Unlike the rest on Nigeria, Lagos state formulates it's debt with 70% IGR so they need little or not money from from the Feds.

5. 16 years and still going, Lagos state is yet to miss a day of salary payment

6. Lagos state started and commissioned more projects than any government in the history of Nigeria, more than the federal government and the 36 states combined.

Delta State And N700billion Debt


http://www.thebreakingtimes.com/delta-state-and-n700billion-debt/

Delta state shoulders the largest state debt in Nigeria, almost 2 times more than Lagos state's debt with nothing to show..


Funny how you people leave your debt ridden state and your looting and stealing leaders with nothing to show to lose sleep over Lagos, the most financially sound and prudent in NIGERIA with a lot to show for their debt.

Funny what hate and ignorance do to people sometimes..

modath:

13% derivation for 5+yrs of unprecedented oil price where did it disappear to??

Nigeria we hail thee..

As Usual... All up in A PDP state's shìt!

http://dailypost.ng/2015/11/17/amaechi-left-huge-debt-burden-for-rivers-ssg/

Thats what you should be regurgitating!

arresa:












Delta state shoulders the largest state debt in Nigeria, almost 2 times more than Lagos state's debt with nothing to show..


Funny how you people leave your debt ridden state and your looting and stealing leaders with nothing to show to lose sleep over Lagos, the most financially sound and prudent in NIGERIA with a lot to show for their debt.

Funny what hate and ignorance do to people sometimes..

Very funny @ The bolded.

One day, you lagosians are gonna say Lagos ain't a third-world city/state.

Funny people sha...

LadyExcellency:


Better than Lagos state whose debt profile is competing with National debt, notwithstanding all the Federal presence and not being up to 1% of Nigeria landmass.

Ngwakwe, You know I've consigned your rants to the "ignore bin" like i do all charlatans since a lioness shouldn't care what a "she-"goat has to bleat about.... but will still ask you if I'm AKS commissioner of Finance

Why are you butthurt? did i ask them to groan and cry out under the burden now? so direct your bitterness to the people who brought the slowpoke in the house to the village square for a dance......

I won't hold brief for Lagos but it's possible their debt burden wouldn't be that high if they didn't have so many "almajiris" & intinerants that aren't of their identity and colouration to cater for...

Aresa, Adminisher & Omenka have answers for you....

P. S .... I don't take people who have to hide under facade serious, it shows severe deficiency in their make up!! Female wannabe! ! Iranu .. Mtcheeww....

TonyeBarcanista:
No permanent friend in politics

Mirror Mirror...

Uncommon looting noni.

I guess the Commissioner of Finance is a member of the APC. #mofo

caleb404:
Condemn Akpabio but turn a blind eye to Fashola...

The hypocrisy of all these paid APC hacks stinks to the heavens.

effty:
I guess the Commissioner of Finance is a member of the APC. #mofo

Don't engage with zombies in the morning. It's infectious, kindly run along.

That was pdp best governor; a good tree does not produce bad fruit neither does bad tree produce good fruit, by their fruit you shall know them. By corruption and stealing or looting you shall know pdp.

modath:


Ngwakwe, You know I've consigned your rants to the "ignore bin" like i do all charlatans since a lioness shouldn't care what a "she-"goat has to bleat about.... but will still ask you if I'm AKS commissioner of Finance

Why are you butthurt? did i ask them to groan and cry out under the burden now? so direct your bitterness to the people who brought the slowpoke in the house to the village square for a dance......

I won't hold brief for Lagos but it's possible their debt burden wouldn't be that high if they didn't have so many "almajiris" & intinerants that aren't of their identity and colouration to cater for...

Aresa, Adminisher & Omenka have answers for you....

P. S .... I don't take people who have to hide under facade serious, it shows severe deficiency in their make up!! Female wannabe! ! Iranu .. Mtcheeww....






Mirror Mirror...

I see, you can't stand IPOB ladies nor opponents hence this foolish guess and faulty intelligence.

First, I don't know your grudge with Ngwakwe hence I see you are addressing the wrong person.

Back to the topic, I see you are not conversant with Akwaibom State budgets for the last eight years hence your first comment that exposes your limitations. The shortfall in allocation necessitated whatever negative balance sheet you got there.

I mentioned Lagos State specifically because it is the only the comparison that can bring back your cognitive and comparative skills back, to acknowledge that the numbers (amount) is not the problem but the underlying facts and figures behind them hence I saw your mockery as lacking in substance and masked hypocrisy.

Next time, respect my identity, address me by my moniker, sex and personality. I am her Excellency, the intellectual First Lady of the "Wise Virgins". Settle whatever beef you got with Ngwakwe by tagging him "IsraeliAirforce" when next you want to embarrass yourself.

LadyExcellency:

Next time, respect my identity, address me by my moniker, sex and personality. I am her Excellency, the intellectual First Lady of the "Wise Virgins". Settle whatever beef you got with Ngwakwe by tagging him "IsraeliAirforce" when next you want to embarrass yourself.

Nothing else to do but to LOL, you wish you could be but there is still a way out, you can Caitlin Jenner it... Bye wannabe..

LadyExcellency:


I see, you can't stand IPOB ladies nor opponents hence this foolish guess and faulty intelligence.

First, I don't know your grudge with Ngwakwe hence I see you are addressing the wrong person.

Back to the topic, I see you are not conversant with Akwaibom State budgets for the last eight years hence your first comment that exposes your limitations. The shortfall in allocation necessitated whatever negative balance sheet you got there.

I mentioned Lagos State specifically because it is the only the comparison that can bring back your cognitive and comparative skills back, to acknowledge that the numbers (amount) is not the problem but the underlying facts and figures behind them hence I saw your mockery as lacking in substance and masked hypocrisy.

Next time, respect my identity, address me by my moniker, sex and personality. I am her Excellency, the intellectual First Lady of the "Wise Virgins". Settle whatever beef you got with Ngwakwe by tagging him "IsraeliAirforce" when next you want to embarrass yourself.

We know a whole lot about their past budgets in Akwa Ibom and the fact that for many years under Akpabio, they posted the largest state budgets in Nigeria, even many billions more than Lagos state.

Akwa Ibom has less than 5 million people with little overheads and responsibilities than Lagos with 2-3 times the population of Akwa Ibom.

We know Akpabio with the largest state budgets in Nigeria and as the richest state in Nigeria did not commission more than 4 projects in his 8 years in office after the flyover and a few roads he fooled people with.

1 football filed which remains unused/white elephant

1 library

1 cinema

... That's all.

Where is the Tropicana he spent billions on ?

Where is Ibaka seaport he budgets billions for every year?

Smaller states in Nigeria with little budgets delivered more projects than Akwa Ibom many times over.


....but I can show you the hundreds of projects Lagos state commissioned.



There is absolutely no sense and Logic in using Lagos sate as any manner of comparison, you picked on Lagos state for the same obvious hate and bigoted reasons you people do all the time hence your mangling and significance of facts regarding both states.

You really should be more worried about your own village where they haven't commissioned anything since 1999..