Contrary to reports, the Ebonyi State Government denies being part of the states that borrowed N111.24 billion from various financiers in the first half-year of its tenure.
Dr. Leonard Uguru, the Commissioner for Finance in Ebonyi State, confirmed that Governor Francis Nwifuru has refrained from borrowing from either local or international creditors since assuming office on May 29, 2023.
In response to the Debt Management Office’s (DMO) publication, which claimed that the Ebonyi State Government, led by Nwifuru, borrowed $125.1 million (N111.24 billion) from the World Bank and International Monetary Fund, Uguru highlighted that Ebonyi State has only accrued an external debt of $37.54 million.
Addressing the issue, the commissioner expressed, “Since the beginning of this administration, Ebonyi State has not taken out any loans, whether domestic or foreign. Therefore, any entity asserting that Ebonyi is among the borrowing states is using inaccurate information.”
He further emphasized, “Compared to other states in the Southeast, Ebonyi maintains the lowest levels of both domestic and foreign debts. Apart from the $150 million loan inherited from the previous administration for the Ring Road reconstruction project, which contributed to the rise in debt, there are no other liabilities from the former government.”
Emphasizing the administration’s priority on human development over infrastructure, he shared that Governor Nwifuru has devised plans for the second phase of the one billion naira program to empower 500 street vendors.
Encouraging potential investors, he highlighted the state’s peaceful atmosphere and business-friendly policies introduced by Governor Nwifuru’s All Progressives Congress government as conducive for investments.