We have paid N15billion from N140b Gombe owes -Finance Commissioner
Chima Azubuike, Gombe
Out of N140 billion debt, Gombe owes, no fewer than 15 billion naira has so far been cleared.
The debt were inherited from successive administration’s in the state, our correspondent gathered on Monday.
Confirming the debt progress ratio Commissioner for Finance and Economic Development, Muhammad Magaji revealed that it had paid N2.25 billion out of the N14 billion pension loan inherited from past administration.
Magaji said “Gombe State debt profile, currently stands at N87 billion from the initial N140 billion debt. The state is financially stable, salaries at both state and local government level are being paid as and when due.
“Financial obligations to contractors are being fulfilled promptly, adding that this informed why projects embarked on by Governor Inuwa Yahaya’s administration is either completed or ongoing.”
While commenting on the state stand on federal government position that states must repay their bailout funds, the commissioner added that with the current state of the economy, “it will be practically impossible for state to pay the loans in bulk.
“We have made substantial progress and our budget is on course. There is need to take the issue of the diversification of the nation’s economy more seriously,” he stressed.
Magaji added, “Nigeria must ensure that it moves out of mono economy, to its comparative advantage in agriculture and mineral resources must be exploited to strengthen the economy.”
