A Civil Society Organisation in Akwa Ibom State, Policy Alert has raised the alarm over the state government high rate of borrowing and increased debt
profile which according to the group could plunge the state into a state of unsustainable loan repayment.
It could be recalled that the State House of Assembly recently gave Governor Udom Emmanuel the approval to borrow N2 billion for Agriculture and N5 billion for Housing totaling N7 billion. She noted that the latest N7billion loan approval for the government is a breach of the Akwa Ibom State Fiscal Responsibility Law 2021, stressing that the State failed to provide cost benefit analysis in the recent loan approval.
“We must understand that there is a very questionable trend of loan acquisition in the State which makes the debt profile of the State very close to unsustainability because these loans are not self-liquidating. Instead, the state pays hugely for interest on these loans.
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