Uzodinma’s move to borrow additional N118 Billion – Imo PDP cry out

Uzodinma’s move to borrow additional N118 Billion – Imo PDP cry out

The Peoples Democratic Party (PDP) in Imo State has called on the Federal Government to invoke its powers in line with the provisions of Section 47 (3) of the Fiscal Responsibility Act to stop Senator Uzodinma from destroying Imo State with an unsustainable debt portfolio.

The opposition party said it feels greatly pained by the spike in Imo’s debt profile, and states in clear terms that the administration of Senator Hope Uzodinma has mortgaged the future of unborn generations with unpayable debt stock, while also elevating treasury looting to the status of state policy.

The opposition party further said it therefore, alerts Ndimo, and indeed Nigerians, to a grand plot by Senator Hope Uzodinma to borrow as much as possible and plunge Imo into debt slavery, so as to flee Nigeria with enough loots upon his imminent defeat at the governorship polls in November this year.

The statement reads, “It is on record that the widely-rejected administration of Senator Uzodinma has already gotten the malleable House of Assembly to pass a bogus budget which contains nothing but a very sinister plan to borrow, just in 2023, the sum of N354 billion.

“For the avoidance of doubt, the entire receipts from FAAC to Imo State for the year 2023 would be in the region of N70 billion. The 13% Derivation Fund would total about N9.6 billion. The State’s IGR would be N13 billion. And other interventions and grants, including UBEC, would be N28 billion. That brings the total income of the State for the year to about N120.6 billion. Yet, Senator Uzodinma has planned to fritter away the sum N475 billion within the year. The deficit, which is N354 billion, would be raised through borrowings.

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