Imo PDP warns Uzodinma of excessive borrowing, faults N8.9 billion Fidelity bank loan

February 15, 2021
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By Ben Ugorji, Owerri

The Imo state chapter of the Peoples Democratic Party PDP has warned the state government led by Senator Hope Uzodinma against excessive borrowing, predicting that such will plunge the state into insolvency.

The party spoke through a press release signed by its state Publicity Secretary, Ogubundu Nwadike.

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The release faulted the N8.9billion loan recently approved by the state House of Assembly meant to be granted by Fidelity bank.

The statement further said that the Governor was outrightly wrong to have demanded for such a humongous amount, accusing him (the Governor) of doing so for selfish purposes.

Reacting to the government’s claim that the said N8.9billion was the federal government share of Excess Crude Account (ECA) accruing to the state, the PDP maintained since it had the House of Assembly’s approval, it had automatically become a loan. 

“Our party would, however, further warn the current regime to desist from its constant mortgaging of the future of Imo state with multiple borrowing of loans under any guise. 

“The Governor should stop running the state on borrowed loans. He must work out ways of generating revenues for the development of the state. With allocations from the federal government account, the access crude account, ecological funds, and various other sources of revenue, Governor Uzodinma has no need for recurrent borrowings,” it warned.

Meanwhile, the state government, through the Commission for Information and Strategy, Declan Emelumba recently debunked the rumour that the money was never a loan but the state’s share of the federal government Excess Crude Account (ECA).

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