The Adamawa state executive council has approved the sum of 150million naira representing 30% to liquidate it’s share of an outstanding indebtedness incurred by the previous administrations.
The council gave the approval during its 2nd meeting for the year 2021 presided over by Governor Ahmadu Umaru Fintiri in the Council Chambers Government House, Yola Wednesday.
The Commissioner of Information and Strategy, Dr Umar Garba Pella while briefing newsmen shortly after the meeting said the council deliberated extensively on direction of the state where 2 approvals were made.
The present administration according to him Inherited non performing debt on the state and local government of over 4.5 billion naira incurred in 2006 and 2007 by the previous administrations in the state.
Dr Pella further revealed that the initial amount was less than what is obtained because of the interest accrued over the years becomes a bad debt.
He said due to the focus and determination of the fintiri led administration to free the state and open more windows for development, a team was set up and had a series of negotiations with Assets Management Corporation of Nigeria (AMCON).
After the negotiations, according to the Commissioner, the state is finally billed to pay only 1billion out of over 4.5billion naira in a ratio of 30 to 70% between state and local governments who are beneficiaries.
On the approval of a Virement of over 3.7billion naira on the Numan, weekly scope, Pella maiha, Michika roads and total junction flyover, the Information Commissioner said it is within the ambit of the ministry of finance and budget adding that when it gets to the state house of assembly variations will be raised to that regard.
On his part, the commissioner of finance and budget, Dr Ishaya Dabari gave further explanation on the role of the AMCON.
Contributing, the commissioner of works and energy development, Adamu Atiku while contributing said the ministry will internally source for the funds assuring of the present administration’s unrelenting effort in keeping to its mandate of infrastructural development.
