Connect with us

NEWS

Prayers will help end banditry – RCCG’s Pastor Adeboye

Published

on

Loading...

The Ogun State Commissioner for Finance, Dapo Okubadejo, has mentioned the state authorities paid over N20 billion out of its debt within the yr 2020.

Advertisements
Loading...

This, in line with him, was the explanation the debt of Ogun State stood at N153billion as of December 2020.

Okubadejo made this revelation in an unique chat with DAILY POST, when he was contacted to make clarifications on the state funds as printed by the Debt Administration Workplace (DMO).

The Commissioner who declined feedback on how a lot had been borrowed by the federal government of Governor Dapo Abiodun, advised our correspondent that “N106.7 billion was the home debt as at Might 2019,” saying “this has been written earlier than, a number of occasions.”

However, our correspondent referred to as the eye of Okubadejo to the truth that the DMO report says the Ogun home debt, as of March 2019 was N97 billion; N95.2b illion in June 2019, whereas it was put at N153 billion in December 2020.

In his response, Okubadejo acknowledged that, “There are two elements of debt. There are home money owed and there are exterior money owed. Exterior money owed are overseas loans. You’ll want to add the 2 to get the whole debt. Once you add the 2 collectively, you’ll get the N153 billion.”

DAILY POST reporter additionally made it identified to Okubadejo that his place seemed to be in sharp distinction to a launch from Gov Abiodun’s Chief Press Secretary, Kunle Somorin, the place it was mentioned that an undeclared legal responsibility of N50 billion by the earlier authorities was the explanation why the home debt profile of the state rose by N58 billion in 18 months to the present N153 billion.

To this, the Commissioner mentioned: “No, I’m taking the profit to reply you in order that you may be knowledgeable. What we’re saying was that, you’re quoting 106 or 100 to 153 (billion Naira) and we’re saying to you that the home debt that you’re referring to, there was a debt; not a debt actually, however workers legal responsibility, that was not a part of the books. We booked it after we got here in as a result of it wasn’t disclosed within the monetary statements – gratuities and workers liabilities. So, that’s what we booked and that’s the reason it went to N153 billion.

“The books that had been handed over to us confirmed a debt of N132 billion in 2019 as home and exterior money owed. Then, we realised that the gratuities weren’t a part of that. The Gratuities on the time was over N51 billion that we inherited. You had been there when all of the unions had been preventing the federal government; (you noticed) the article that was written by the federal government about inherited liabilities that gratuities weren’t booked within the monetary assertion of the state. In the event you had booked that legal responsibility, the debt would have been about N200 billion.

“So, after we got here, we needed to ebook the gratuity and that was why the cash is now N153 billion.

“Don’t overlook that a part of the mortgage has been paid in 2020. We paid over N20 billion in 2020. So, you folks needs to be doing investigation and be understanding it correctly.

In the meantime, the earlier authorities of Senator Ibikunle Amosun has since denied claims of hiding employees’ liabilities, asking its successor to say the reality in regards to the N58 billion debt.

DAILY POST stories {that a} newest report by the Nationwide Bureau of Statistics has revealed that the Internally Generated Income (IGR) of the Gateway State has continued to shrink from N70 billion in 2019 to N50 billion in 2020.

Nevertheless, some appointees of Gov Abiodun mentioned the discount was because of the financial challenges occasioned by the COVID-19 pandemic.

Share this Story
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Advertisement

TRENDING