N205.19bn Debt: Ihedioha Flays Uzodimma Over Borrowing Spree

A former governor of Imo State, Hon Emeka Ihedioha, has slammed Governor Hope Uzodimma-led administration for increasing level of indebtedness of the state resulting from unbridled borrowing by the government.

In his speech as the special guest of honour at the Mbaise USA 13th Annual Convention at Santa Clara, California, in the United States of America, which was made available to newsmen yesterday, he said, statistics released in April this year, by the Debt Management Office, DMO, shows that the debt profile of Imo State has jumped to N205.19 billion, which means it has more than doubled from the level he brought down the huge debt profile inherited from the previous administration.

In his reaction, the commissioner for information and strategy, Hon Declan Emelumba advised Ihedioha to display the spirit of sportsmanship and stop lamenting. He highlighted that the present administration under the leadership of Uzodimma is responsible and responsive and nothing stops the government from borrowing for infrastructural 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, “The supposedly high indebtedness of Imo State, incurred in the last two and half years, is cause for worry. This is because, while other states like Lagos, Ogun, Rivers and Akwa Ibom with the same level of debt profile have robust economic activities, including significant internally generated revenue to meet their loan obligations, Imo State is left with practically nothing to fall back on to support its loan exposure.

What this means is that the debt burden, without economic activities to generate revenue, will continue to weigh the state down. ”

Ihedioha described the high indebtedness as man’s inhumanity to man and a mortgaging of the future of the state.

The former governor who used the opportunity to commend the people of the state, especially people of Mbaise extraction, also gave an account of his seven months stint as the governor of the state.

He said rebuilding Imo State was at the heart of his growth and development initiatives and priority, adding that the development of the human capital index, the economy and infrastructure with special interest in the rural areas was at the centre of his plans for the state.

Ihedioha who set up technical committees to harness potentials in the state stated that he took steps towards enhancing the internally generated revenue (IGR) thereby raising monthly revenue to over N1 billion by blocking areas of leakage through the introduction of Treasury Single Account, TSA, while reducing the dubious debt profile of the state.

While speaking to over 2000 delegates from across the US, Europe and Nigeria at the 13th Mbaise USA Convention in California, he assured that if given an opportunity to preside over the affairs of Imo State again, he would be bold in redressing the developmental retrogression in the state.