New Telegraph

Financial Engineering Secret Of Going Without Borrowing Despite Huge Debt – Otti

Abia State Governor, Dr Alex Otti, has revealed financial engineering, cutting the cost of governance as among the ‘trade secrets,’ that has enabled him to fund massive infrastructural projects without borrowing, almost a year into the administration, despite inheriting huge debt from the previous administrations.

Speaking on the activities of the administration in the last one month and the projection for the next, Governor Otti said the secret of the success of his administration was financial prudence. “I have been consistent on the cost of governance and cutting costs. If you manage your expenditure within your means you won’t have a problem.”

He disclosed that part of the N192.2 billion debt inherited from his predecessor was being offset. The Governor wondered what the immediate past administration that inherited N34.4 billion did with the N192.2 billion liability it left behind, without paying salaries, pensions and providing infrastructure.

Governor Otti noted that within nine months of the administration, he has been able to clear the pensions arrears amounting to N9 billion, and scrapped the dichotomy of core and non-core civil servants in salary payment with regular payment.

According to him, the administration also awarded contracts for the reconstruction of the 57km Umuahia – Uzuakoli – Ohafia Road, the 31km Arochukwu- Ndi Okereke – Ozu Abam and the 11.5km Nunya – Eluama – Isuikwuato Roads. In addition, the Osisoma-Ekeakpara road leading to the Osisioma industrial area including the NNPC depot will be flagged off in the next few weeks, just as the contract for the Obohia and Ohanku roads in Aba have been awarded.

Otti said the Labour Party in the State was open to those who wanted to join but assured that such defectors would not change the course of governance. He also assured that the Local Government funds would not be ‘hijacked’ under his watch.

He said palliatives would continue to target the vulnerable even as he emphasized that the people do not need palliative to survive. “Just give them wings and they will fly. That’s why we are providing infrastructure and enabling environment.”

Please follow and like us:

Read Previous

Bayelsa LG Election: Diri Has Taken LGA Administration Seriously – Ewhrudjakpo

Read Next

Top 20 Weekly Entertainment News Roundup For Latest Nigeria News