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Why we borrowed N53.5bn – Benue gov

The Benue State government borrowed N53.5 billion to pilot the affairs of the state since the new administration came on board in May last year,…

The Benue State government borrowed N53.5 billion to pilot the affairs of the state since the new administration came on board in May last year, Governor Samuel Ortom has said.
The estimate of the monies include N10 billion for take-off, N28 billion bail-out fund, N10 billion used to offset four months’ state workers salaries and N5.5 billion loan for counterpart funding.
Ortom, who spoke on the funds at Katsina-Ala, Gboko, Adikpo and Vandeikya during his town hall meetings with stakeholders across the state, said it was necessary to make the disclosure to debunk reports that he had borrowed over N100 billion within one year.
He said all the loans were obtained in the interest of the state, stressing that he inherited a deficit treasury.
The governor stated that the payment of counterpart funds enabled the state to access N2.4 billion for conditional grant projects of the Millennium Development Goals, MDG/SDG in the social services and economic sectors across the state.
He said 16 water projects were being executed through the Benue State Rural Water and Sanitation Agency (BERWASSA) in four council areas.
 

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