DMO releases States debt profile, Ondo domestic debt is worth N53bn

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A document released by the Debt Management Office, DMO and seen by SUNSHINE HERALD on Friday has revealed that Ondo State domestic debt as at December 31, 2016 was N53,159,719,890.50.

According to the document, the total debts owed by all the 36 States and the federal government was $11.406 billion.

Lagos State has the highest domestic debt among all the States incurring N311.7 billion.

SUNSHINE HERALD recalled that the All Progressives Congress in the State had on March 12, accused former Governor Olusegun Mimiko of plunging the State to a debt of N150 billion, besides the 8 months unpaid salaries and allowances of workers.

The APC Publicity Secretary, Abayomi Adesanya, in a statement alleged that Mr. Mimiko left the state in huge debts, including loans which had left the new administration in serious difficulty

Responding to the allegation, Mr. Mimiko who spoke through Kayode Akinmade, the former Commissioner for Information, noted that the incumbent governor, Rotimi Akeredolu, should face the business of governance instead of indulging in cheap blackmail against him.

He said: "The claim by the APC is nothing but a lie from the pit of hell.

"The APC Publicity Secretary, Mr Abayomi Adesanya who made the allegation was obviously intimidated by the performance record of the past government and will rather continue with his pre-election falsehood and lie-selling to seek attention, than live with the reality."

Mr Mimiko clarified his administration did not enter into any contractual obligation to warrant any increase in the external debt inherited by it when it assumed office eight years ago.

"We were able to reduce the debt profile of the state to $49.9million," he said.

The former governor explained that the foreign debts were overseas contracted obligations initiated by the two previous governments before his own.

READ ALSO: Use N6.8bn received from Paris Club to pay workers, APC tells Mimiko

"There are N7.37billion and N7.53billion respectively in the state's Current and Deposit accounts, the Millennium Development Goal (MDG) account has N1.2billion, while the Paris Club withheld fund account has N3billion," he asserted.

According to him, the state's foreign accounts have $346,000 and €443,000 respectively. He admonished the APC to make use of its "foundational" time to enable it gain a good stand so it could withstand the pressure of governance, especially from a sophisticated state like Ondo.

Mr Mimiko also said the party's spokesperson should be tutored in the art of modern image building.

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