Debt Management Office Warns Gov Akpabio On Akwa Ibom State’s Dangerous Debt Profile

National agency charged with centrally co-ordinating the nation’s- Debt Management Office (DMO) has issued a warning to Governor Akpabio on the ‘dangerous debt profile of his state’.

The warning is tagged ‘stern’ by insiders.

Informants divulged the development the fallout of insight into the state account book that revealed ‘ extravagant spendings’

The agency was particularly bothered that ‘ Akwa Ibom state has continued to retain its number one position as the state with the highest allocation from the federal government, often receiving monthly allocations in excess of N30 billion (- an equivalent of allocations for five states in some regions of the country). Ironically, the state is heavily indebted to many financial institutions’

The Governor in May 2012 borrowed N50 billion from the United Bank for Africa, UBA Plc for the “execution of infrastructure development in the state”.
And only last year also obtained another loan in the sum of N80 billion from Standard Chartered Bank International to be able to offset the UBA loan.

Lately, Akpabio, who is also the Chairman of the PDP Governors’ Forum, has been in the news for his seemingly extravagant spending of public funds for private and political purposes. He is widely known for giving out millions of naira as gifts to individuals and institutions in spite of the face of inability to arrest spiralling level of poverty and underdevelopment..

Last September, the governor donated N50million naira to the Nigerian movie industry, popularly referred to as Nollywood. He also presented two brand new Toyota Prado SUV as wedding gifts to Tuface Idibia while also sponsoring 43 guests (delegates) from Akwa Ibom to attend the destination wedding in Dubai.