YOLA — The Adamawa state Executive Council has approved the one hundred and fifty million naira (N150m) representing thirty percent (30%) to liquidate its share of an outstanding indebtedness incurred by the previous administrations.
Dr. Umar Garba Pella, Commissioner of Information and Strategy disclosed this while briefing newsmen shortly after the meeting explained that the council deliberated extensively on the direction of the state where approvals were made.
“The present administration inherited nonperforming debt on the state and local governments of over four point five billion naira (N4.5b) incurred in 2006-2007 by previous administrations.
“The initial amount was less than what is obtained because of the interest accrued over the years being a bad debt.
“Due to the focus and determination of the Fintiri led administration to free the state and open more windows for development a team set up and after series of negotiations with Assets Management Corporation of Nigeria (AMCON), the state is finally billed to pay only one billion (N1b) out of over four point five billion naira (N4.5b) in a ratio of thirty to seventy percent between state and local government who are beneficiaries,” Garba said.
On the approval of a Vehement of over three point seven billion naira on the Numan, weekly scope, Pella-Maiha, Michika roads and total junction flyover, Garba said it is within the ambit of the Ministry of Finance and Budget when it gets to the State House of Assembly variations will be raised to that regard.
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