The Adamawa State Executive Council has approved the sum of 150million Naira representing 30% to liquidate itโs share of an outstanding indebtedness incurred by the previous Administrations.
The Council gave the approval during its 2nd Meeting Wednesday 5th May 2021 presided over by ๐๐จ๐ฏ๐๐ซ๐ง๐จ๐ซ ๐๐ก๐ฆ๐๐๐ฎ ๐๐ฆ๐๐ซ๐ฎ ๐ ๐ข๐ง๐ญ๐ข๐ซ๐ข in the Council Chambers Government House, Yola Wednesday.
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The Commissioner of Information and Strategy, ๐ซ๐ ๐ผ๐๐๐ ๐ฎ๐๐๐๐ ๐ท๐๐๐๐ 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.
๐ซ๐ ๐ท๐๐๐๐ 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 ๐ ๐ข๐ง๐ญ๐ข๐ซ๐ข 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 vehement 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, ๐ซ๐ ๐ฐ๐๐๐๐๐ ๐ซ๐๐๐๐๐ gave further explanation on the role of the AMCON.
The Commissioner of Works and Energy Development, ๐ฏ๐๐. ๐จ๐ ๐๐๐ ๐จ๐๐๐๐ said the Ministry will internally source for the funds assuring of the present Administrationโs unrelenting effort in keeping to its mandate of infrastructural development.