PDP group demands full disclosure of Akwa Ibom State finances

A pro-Peoples Democratic Party group, PDP Advocates for Peace And Justice, PAPAJ, has called on the Akwa Ibom State government to make a full disclosure of the financial standing of the state.

This followed the recent declaration by the state commissioner for Finance, Mr Emem Bob, that the present administration of Governor Umo Eno has liquidated the commercial bank loan inherited from his predecessor, Mr Udom Emmanuel, to the tune of N39.831 billion.

The commissioner, however, did not disclose the names of the commercial banks the loans were obtained from but stated that Eno decided to offset the loan to exonerate the state from debt service.

Reacting, the chairman of PAPAJ, Dr Tom FredFish, urged Akwa Ibom State government to show due diligence and transparency by publishing all relevant documents, including audited statements, loan agreements, inherited assets and other financial records so that the people can have a complete, factual and balanced understanding of the state’s fiscal position.

He said, “While we acknowledge the importance of transparency in public communication, we believe that genuine accountability requires full disclosure and proper documentation of all financial transactions, liabilities, and assets inherited by any administration.”

FredFish listed the group’s demands as follows: “A comprehensive breakdown of all loans inherited by the Umo Eno administration, including the total number of outstanding loans as of May 29, 2023; Names of the financial institutions involved; Interest rates, tenure, and repayment schedules.

“A clear statement of the total cash balance and financial instruments inherited, including actual cash in the state’s accounts as at May 29, 2023; Funds in reserve accounts, outstanding inflows from the Federation Account; Status and value of all promissory notes inherited from the previous administration.”

He noted that full disclosure will not only strengthen the credibility of the present administration but will also ensure that the public is accurately informed on the true state of Akwa Ibom State’s finance.