Rivers State Government on Monday debunked claims by Debt Management Office that it is among the four states with highest debt profile in the country.
PHSpectator recalls that the Debt Management Office had said four states – Lagos, Delta, Rivers and Akwa Ibom – hold 30.71 per cent of the total domestic debt owed by the subnational governments in the country.
But in a swift reaction, the Rivers State Government through the Permanent Secretary, Ministry of Information, Mr Paulinus Nsirim said: “This misinformation is another attempt by detractors to malign the integrity of the present administration in the state which has since its inception in May, 2015 shown utmost frugality in the management of State resources”
According to him: “This appears to be another orchestrated plan to demarket the State through unconfirmed statistics since other forms of negative propaganda had failed.
“That with a healthy monthly internally Generated Revenue profile of at least N8 billion, the State does not resort to reckless borrowing that will make her run into debts.
“That as a matter of deliberate policy, the present administration in Rivers State desirous to leave behind a worthy legacy does not embark on white elephant projects that will require bogus financial obligations”.
Nsirim stated that the state government operates accounts with only Zenith and Access Banks, stressing that it has repaid all loans obtained.
According to him: “That the State Government inherited a Commercial Bank loan of N15,845,118,108.44 in 2015 which had been liquidated.
“That all loans taken by this administration for the infrastructural development of the State from Zenith and Access Banks had been liquidated too.
“That the issues of debts owed to contractors, pension arrears etc that the Debt Management Office used to stigmatize the State are
Recurrent and Capital Expenditures which payments are ongoing.
He explained that the Federal Government’s Intervention loans approved for every state of the Federation has a repayment plan that is spread over many years, adding that Rivers State Government has not defaulted on the repayment
plan.
He said: “We do not know where purveyors of this concocted information got their facts before they went to the press to misinform the general public”.
The Rivers State Government emphasised that the Wike Administration has been prudent in the management of scarce State resources backed by a healthy monthly Internally Generated Revenue Revenue.
“Since 2015 till now, His Excellency through awell-articulated fiduciary template has made governance better than how he met it.
“Unlike previous administrations that left behind huge debt profiles, the present administration will not mortgage the future of the state in any way.
“That journalists and media houses should adhere to the dictum, “Facts Are Sacred” by always cross-checking their facts before publication. That the Rivers state Government under the visionary leadership of His Excellency will not be distracted by any form of yellow journalism but will remain focused to fulfill the social contract with the people”.
