We Met A Staggering Debt Of #220Billion, Says Akeredolu

By Niyi Olutunde, Akure

Ondo State Governor, Mr Oluwarotimi Akeredolu (SAN) has alleged that
the immediate past administration of former Governor Olusegun Mimiko
left a whooping debt of over #220 Billion in office.

Akeredolu gave the disclosure at the swearing in ceremony of newly appointed commissioners held at the International Events Centre (The Dome) in Akure, Ondo state capital alleging that the administration of Mimiko embarked on frivolous projects which had no direct impacts on the lives of the people of the state.

Governor Akeredolu who blamed the Mimiko’s administration for its
alleged lack of focus, explained that the debts incurred by the administration include money borrowed from both within and outside the country, including those used for uncompleted projects executed by his (Mimiko) administration.

Giving a breakdown of the debt profile of the state, Akeredolu said, “This Administration at inception met a staggering debt totaling N220,588,125,731.00 (Two hundred and twenty billion, five hundred and eighty-eight million, one hundred and twenty-five thousand, seven hundred and thirty-one naira).

The breakdown of this highly disturbing debt profile is as follows:
Internal Debt: N53,159,719,891.01
External Debt: N17,485,393,971.50
Unpaid Salaries and Allowances, Aug to Dec, 2016: N17,279,115,588.10
Unpaid Salaries and Allowances, Jan to Feb, 2017: N6,911,663,629.24
Ondo State Pension Liabilities: N4,800,965,850.00
Ondo State Gratuity: N15,043,537, 042.74
Unpaid Local Government Salaries and Allowances Aug to Dec: 2016 N9,320,568,782.41
Unpaid Local Government Salaries and Allowances (Jan. to Feb., 2017): N5,192,437,503.30
Local Government Pension Liabilities: N25,237,348,457.26
Local Government Gratuities Liability: N20,965,598,590.61
Contractors’ Liabilities: N39,740,423,934.76
Outstanding payment requests in the Office of the Accountant-General without cashbacking: N5,451,352,494.25

Total: N220,588,125,731.00
The breakdown of the Liquid Assets is as follows:
All Banks Balances: N7,236,594,630.36
Fixed Deposit/Call Deposit: N837,000,000.00
Balance in Bond Proceeds: N254,000,000.00
Fixed Deposit (OSOPADEC): N1,449,000,000.00
Portfolio Management Account: N180,000,000.00 Grand Total: N9,956,594,630.36
With a total inherited debt of over N220 billion, it should not be difficult for anyone to know that the government’s capacity for seeming elastic adjustment to cater for the people has been stretched to its limit”

Akeredolu therefore reiterated his commitment to the development of the state, even as he promised to ensure that he delivered all his electioneering campaign promises despite the economic challenges.