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Busted! Anambra Foreign Debt Hits $85.4m Under Obiano [Doc]

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Contrary to Obiano’s claims that Anambra State is not indebted, the state foreign debt has hit $85.4m within 3 years of Obiano’s administration.

Contrary to Governor Willie Obiano’s claims that Anambra State is not indebted, the state foreign debt profile has actually hit $85.4 million within 3 years of Obiano’s administration.

According to document obtained from the debt Management Office [DMO], the state’s external debt stock as at June 30, 2017, is pegged at 85,417,943.71 million dollars.

At the exchange rate of N362 / $, the sum total is a staggering 30,921,295,623.02 billion naira!

In a report titled “Obiano Must Explain Whither All These Monies — Anambra CLO“, created on 20 September 2017, Elombah.com had reported that “Anambra State is neck-deep in a 60 billion Naira liability.

Subsequently, the Peoples Democratic Party [PDP] governorship candidate in the November 18 poll, Mr. Oseloka Obaze, in a press briefing in Awka, stated that the  state was indebted to the tune of N30 billion.

Mr Obaze regretted that a state that was financially robust under a former governor of the state, Mr. Peter Obi, had been plunged into a heavy debt burden in less than four years of change of leadership by Obiano.

Consequent upon the reports, Obiano, on September 28, 2017, declared to presidents-generals and town criers of communities in the state that the state was not indebted to anybody or institution.

According to PUNCH, he said the state had a stable and strong economic base.

He said the state had not taken any bailout from the Federal Government, nor taken any loan from any commercial bank.

The governor said he had maintained a stable economic base for the state through  strategic partnership with the private sector.

“The state has under my watch maintained a stable economic base through strategic partnership with the private sector,” he was quoted as saying.

“We have not  taken any bailout from the Federal Government.

“By the time my eight-year tenure will elapse, every community in the state would have had at least six massive projects completed by my administration in their areas,” he boasted.

However, to take the wind off his sail, DMO released a document, which is in the public domain anyways, telling a different story.  

The document, herewith attached, shows that the state if really neck-deep in a 30,921,295,623.02 billion Naira external debt alone!

Elombah.com also reported that the state is in over N30 billion internal debt besides the N30 billion foreign debt.

In the words of Mr. Oseloka Obaze, Obiano’s “government need to stop deceiving Ndi Anambra”.

More ironic is the fact that Obiano inherited excess of 75 billion Naira savings from former governor, Peter Obi.

The said sum was, however, depleted within the first two years of Obiano’s administration and by the third year the government is already borrowing.

Governor Obiano has been severally accused of profligacy, extravagant opulence and lavish spending on frivolities.

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