A former Governor of Imo State, Hon Emeka Ihedioha, has criticized the administration led by Governor Hope Uzodimma for the increase in the level of state debt resulting from unbridled borrowing by the government.
In his speech as special guest of honor at the 13th annual Mbaise USA convention in Santa Clara, California, United States of America, which was made available to reporters yesterday, he said, statistics released in April this year, by the Debt Management Office, DMO, shows that Imo State’s debt profile has jumped to N205.19 billion, meaning it has more than doubled from the level to which it lowered the huge debt profile inherited from the previous administration.
In his reaction, Information and Strategy Commissioner Hon Declan Emelumba advised Ihedioha to play sportsmanship and stop whining. He pointed out that the current administration under the leadership of Uzodimma is responsible and responsive and that nothing prevents the government from borrowing for infrastructure development. According to him, the debt profile brandished by the former governor does not reflect the true position of the debt portfolio.
But Ihedioha said, “Imo State’s supposedly high debt burden, which has accrued over the past two and a half years, is cause for concern. Indeed, while other states like Lagos, Ogun, Rivers and Akwa Ibom with the same level of indebtedness have robust economic activities, including significant internally generated revenues to meet their loan obligations, l Imo State has practically nothing left to fall back on. to support its loan exposure.
This means that the debt burden, without income-generating economic activities, will continue to weigh on the state. ”
Ihedioha described the high indebtedness as man’s inhumanity to man and a mortgage on the future of the state.
The former governor who took the opportunity to congratulate the people of the state, especially people of Mbaise origin, also gave an account of his seven-month tenure as governor of the state.
He said that the reconstruction of Imo State was at the core of his growth and development initiatives and priorities, adding that the development of human capital index, economy and infrastructure with particular interest for rural areas was central to his plans for the state.
Ihedioha, who has set up technical committees to harness the potentials of the state, said he has taken steps to improve internally generated revenue (IGR), thereby increasing monthly revenue to more than one billion. of naira by blocking flight areas through the introduction of the Treasury Single Account, TSA, while reducing the government’s dubious debt profile.
While addressing over 2000 delegates from the United States, Europe and Nigeria at the 13th Mbaise USA convention in California, he assured that if he had the opportunity again to preside over the affairs of Imo State, it would be bold to address the development regression in the state.