The reports from Debt management office, DMO, portraying the Cross River state government as having collected a fresh loan to the tune of N16.4billion is quite disturbing.
Though the State government has made some spirited efforts through the office of the Chief Press Secretary, to repudiate such claims, the intention of the DMO over such postulations is what is worrisome
Coming at a time the Sen Prince Bassey Edet Otu-led administration is trying to lay a solid economic foundation to promote a financial management reliant, raises serious doubt as to the real intentions of DMO.
A State government that has deliberately employed the factor of financial prudence as an act of governance deserves applause instead of unnecessary distraction.
DMO should know that any inaccurate records they push out to the public domain is bound to send shock waves across the length and breathe of the geographical space of the affected entity
At the center of controversy between the State and the DMO is the controversial figures of N204.4 bilion which, according to DMO reports, reflect the debt profile position of the State between June 30,2023 (N204.4billion) and Dec 2023 (N226,26billion) with a difference of N16.26 billion as fresh loans.
But the government has said that at no time did it contemplate the need for loan, be it domestic or foreign, and to further buttress its position, challenged DMO to provide evidence of both loan request and approval from the State legislature, which is a cardinal loan request requirements.
Funny as it may appear, DMO has taken a path of inglorious silence which can ordinarily be interpreted as an admittance of guilt.
However many CrossRiverians are of the opinion that the DMO owes the state government a public apology which should be widely publicized to demonstrate their penitence since they failed in their sacred duty of differentiating figures representing contract debts, court garnishee debts and interest accruals over time on the principal sum collected as loan
And, it should be emphasized that the misrepresentation of the State Debt profile has the capacity to set the State ablaze considering the dicey economic situation where Nigerians are pointing fingers on anything and everything as reasons for their suffering.
It is therefore pertinent for the DMO to come clean over this matter, set the record straight so that Peter would not suffer for Paul’s misdeeds.