Part of the N190Billion debts were from Old Imo State which OUK inherited, Obinna Oriaku replies Abia Govt | #NwokeukwuMascot


Hon Obinna Oriaku

A former commissioner of finance and chieftain of the All Progressives Congress,  Hon. Obinna Oriaku has reacted to the statement credited to Abia State Government, where it alleged that the immediate past Governor, Dr. Okezie Ikpeazu left a debt of over N190billion.

In his reaction, Oriaku noted that the debts were from Old Imo State and was inherited by Orji Uzor Kalu as Governor, passed down to successive administration. 

He maintained that Ikpeazu is not solely responsible for the accrued debt as the state government would want Abians to believe. 

He wrote:

"The debts where from even old Imo which OUK inherited and passed to successive administration.

"I am not Okezie's mouth piece but at times you stand out to strengthen some issues especially when Ojukwu said " because I am involved. 

"Both domestic and foreign debts increased under the last administration for many reasons, those bailout facility and budget support facility were structured for 20 years at 8%. About 35 states took that loan from the fed government, That's about N22b if my memory serves me right. 

"On foreign debt, The $54m NEMAP loan added to old foreign loans including some $1m or $2 from world bank for either health all summed up.

 "Unfortunately, the figures quoted today as foreign debt have significantly changed since these foreign loans are calibrated based on prevailing dollar rate. Today dollar sold at $680 meaning our figure on foreign loan has doubled.

"Under Okezie, our loans increased significantly but his adminstration is not solely responsible for the 190b debit as part of those debts were incurred before his assumption of office ."


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