Gov Akpabio immerses Akwa Ibom state in debts...... - TopicsExpress

Gov Akpabio immerses Akwa Ibom state in debts...... The self-acclaimed ‘Messiah’ of Akwa Ibom state is known to be stylish and, of course, extravagant. The chairman of PDP Governors’ Forum is not leaving any stone unturned to make his presence felt at all times. On a number of occasions, this lavish spender has been in the news for his seemingly extravagant spending of public funds for private and political purposes. Yet, things are said to be so tough for the people of Akwa-Ibom State. To sustain this extravagant spending, the state has been made to go borrowing to the extent that the God’s own state is now wallowing in huge debts. Due to the incessant acquiring of debts by the CEO of the State, Governor, Goodwill Akpabio whom National agency charged with co-ordinating the nation’s Debt Management Office (DMO) has issued a warning to the ‘dangerous debt profile of his state’. The agency was particularly bothered that ‘ Akwa Ibom state has continued to retain its number one position as the state with the highest allocation from the federal government, often receiving monthly allocations in excess of N30 billion (- an equivalent of allocations for five states in some regions of the country). Ironically, the state is heavily indebted to many financial institutions’ As researched, the Governor in May 2012 borrowed N50 billion from the United Bank for Africa, UBA Plc for the “execution of infrastructure development in the state”. And only last year also obtained another loan in the sum of N80 billion from Standard Chartered Bank International to be able to offset the UBA loan. Part of his excesses includes a N50m donation to Nollywood, sponsoring of 43 guest as Akwa Ibom state delegate to the wedding of Tuface Idibia and Annie Macaulay in Dubai, giving the couple a brand new SUV Prado Jeep, and giving out several millions of Naira as gift to institutions and individuals all from the state’s coffers not minding the attendant glaring poverty and underdevelopment threatening the state.

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