Governor of Cross River, Senator Liyel Imoke
The Cross River State Government acknowledged a debt profile of N123.9 billion as against N403 billion being reported in some quarters.
Special Adviser to Governor Liyel Imoke on Debt Management, Mrs. Francesca Effiom, she said in a statement on Monday that “the state’s total debt profile is N123.9 billion. Of the N123.9 Billion debt, external debts account for N13.5 billion while domestic debts is put at N110 billion”.
Former Vice Chancellor of the University of Calabar, Professor Kelvin Ogon Etta, had earlier told journalists that the total debt burden of the state at over N403 billion describing it as most worrisome and frightening.
The state has been burdened by huge debt overhang, a build from N80 billion debt left behind by former governor Donald Duke in 2007.
“The state’s current debt profile is N1 billion less than it was in 2007 when the current administration came into office.
“Prior to the advent of the Imoke-led administration, the state’s total debt stock stood at N124, 671,114?, 750.14,” Effiom said.
