Mimiko Left Ondo With N220bn Debt- Akeredolu
Ondo State governor, Mr. Rotimi Akeredolu has disclosed that the administration of his predecessor, Mr. Olusegun Mimiko, yoked the state with a debt of N220 billion.
Mr. Akeredolu, a personal friend of Mr. Mimiko, also disclosed his government inherited a paltry N9 billion from the previous government. He made the disclosures in Akure, the state capital, while inaugurating the 18 commissioners and 10 aides into his cabinet.
According to the governor, the inherited debt consists of internal and external debts. Internal debts, explained the governor, amount to N53. 719 billion, while the aggregate of external debts is N17. 485 billion. Salary arrears from August to December 2016 total N17. 279 billion, while unpaid salaries and allowances from January to February 2017 amount to N6. 911billion.
“This administration at inception met a staggering debt totaling N220,588,125,731.00. 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 (August to December 2016): N17,279,115,588.10; unpaid salaries and allowances (January to February 2017): N6,911,663,629.24. Ondo State pension liabilities: N4,800,965,850.00; Ondo State gratuities: N15,043,537, 042.74; unpaid local government salaries and allowances (August to December 2016) N9,320,568,782.41; unpaid local government salaries and allowances (January to February 2017): N5,192,437,503.30; local government pension liabilities: N25,237,348,457.26,” the governor said in a breakdown.
In addition, Mr. Akeredolu said his government inherited local government gratuity liabilities of N20,965,598,590.61, contractors’ liabilities of N39,740,423,934.76 and outstanding payment requests in the Office of the Accountant-General without cash backing of N5,451,352,494.25.
He explained that the huge debt profile of the state has hampered his administration’s capacity.
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