A pro-Peoples Democratic Party group, PDP Advocates for Peace And Justice, has urged the Akwa Ibom State government to provide a comprehensive breakdown of the state’s financial standing. This call comes after the state’s finance commissioner, Emem Bob, announced that the current administration has paid off a N39.831 billion commercial bank loan inherited from the previous administration.
The loan, which was reportedly taken out during the tenure of former Governor Udom Emmanuel, was settled by the present administration to alleviate the state’s debt burden. However, the commissioner did not disclose the names of the commercial banks involved in the loan or provide detailed information about the loan agreements.
In response, the chairman of PDP Advocates for Peace And Justice, Tom FredFish, emphasized the importance of transparency in public finance. He called on the state government to publish audited statements, loan agreements, and other relevant financial records to ensure that the public has a complete understanding of the state’s fiscal position.
FredFish outlined several key demands, including a comprehensive breakdown of all loans inherited by the current administration, the names of the financial institutions involved, and the interest rates, tenure, and repayment schedules. He also requested a clear statement of the total cash balance and financial instruments inherited, including the actual cash in the state’s accounts as of May 29, 2023.
The group’s requests also include information on funds in reserve accounts, outstanding inflows from the Federation Account, and the status and value of all promissory notes inherited from the previous administration. According to FredFish, full disclosure of this information will not only strengthen the credibility of the present administration but also ensure that the public is accurately informed about the true state of Akwa Ibom State’s finances.
The call for transparency in public finance is a significant issue in Nigeria, where concerns about corruption and mismanagement of public funds are widespread. By providing detailed information about the state’s financial standing, the Akwa Ibom State government can help to build trust with its citizens and demonstrate its commitment to accountability and good governance. As the state government considers the group’s requests, it remains to be seen whether it will provide the level of transparency and disclosure being called for.