Financial institutions

Financial institutions warned against giving loans to Cross River government

Professor Sandy Onor
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June 11 (THEWILL) – Financial institutions inside and outside the country have been warned against extending more loans to the Cross River State government.

People’s Democratic Party (PDP) Guber flag bearer in the state, Professor Sandy Onor issued the warning in Calabar.

The warning comes amid reports that the state government has come up with plans to borrow an additional N35 billion from financial institutions.

Failing that, Prof Onor said they need to reclaim the state from people who have no value to people’s lives.

He explained that in the eyes of the law, the state assembly is in abeyance and anything bearing its imprimatur is null and void.

“We need to reclaim the state from people who have no value for our lives and are considering borrowing another 35 billion naira with just a few months to end their tenure.

“In March this year, the state debt profile stood at $279 million, but the outgoing government is colluding with the Assembly to borrow this huge sum just to put a final nail in the coffin before their departure.

“There can be no other way to show how mean a government can be to its people.

“In any case, in the eyes of the law, there is no House of Assembly in Cross River State and anything bearing the imprimatur of the assembly is null and void.

“This should serve as a warning to financial institutions inside and outside Nigeria, not to lend in any form to the current government, as they will do so at very high risk.

“Until the court decides otherwise, the House of Assembly as presently constituted cannot pass legally binding resolutions and laws,” Professor Onor said.

He also criticized the planned conduct of local elections in the state.

He said the assembly, being in abeyance, cannot confirm gubernatorial nominees to serve on the state election commission.

He assured people that they are very close to their Eldorado and that the current darkness will soon give way to light.

He also promised to lead a truthful administration and restore the state’s lost glory.