Ogun state government uncovers former Governor Amosun’s ‘hidden’ N50 billion debt

The Ogun State Government has raised alarm over discovery of N50 billion domestic debt left behind by the immediate past Governor of the state, Senator  Ibikunle Amosun, the debt said not to be accounted for in the financial report handed over to incumbent administration.

Penpushing reports that, Governor Dapo Abiodun made the knocking discovery known adding that, the financial liability was not accounted for in the financial report handed over to him in May 2019.

The Governor was reacting to the report by the Debt Management Office (DMO) which claimed that the Ogun state government incurred N58 billion domestic debt within the period of his administration.

Penpushing further reports that, the Debt Management Office (DMO) in its report published March 15, showed  that from June 30, 2019, to December 30, 2020, the Ogun State Government had incurred a total of N58,316,493,347 local debts.

The Governor, however, kicked against the report of the Debt Management Office (DMO), that N58 billion by former Governor Amosun administration in the state on the domestic debt had an impact.

Penpushing also reports that, Abiodun  in a statement by his Chief Press Secretary, Kunle Somorin, said the state got this hidden debt during its investigation, stressing that the discovery followed due diligence on the finances of the state.

“We only got to know about this amount in the course of our carrying out due diligence on Ogun State finances shortly after we took over. As a transparent government committed to being accountable, we had to disclose this for the first time to give a true picture of the state’s indebtedness.

“Governor Dapo Abiodun has started paying the retirees and pensioners affected, with the first tranche of N500m paid to them last month. Every quarter, the governor has promised to pay them at least N500m until everyone is paid.

“The increase in the 2020 total debt of the state was due to an undisclosed gratuity and staff liabilities of about N50bn not recognised in the state financial statements in May 2019 at the end of the previous administration.

“In order to show the complete picture of all state liabilities, the current administration booked the gratuities and staff liabilities in the financial statements of the state hence the increase. Residents and citizens of the state can attest to how Gov Abiodun is completing all the abandoned projects of his predecessor and commencing signature projects and roads’.

“The governor has concentrated on his ‘Building Our Future Together’ with special attention to infrastructure, health, education and agriculture. Also, the welfare and security of the people which are the primary functions of government are equally on the front-burner”, he said.

Penpushing reports that, efforts to get Amosun’s reaction as at the time of filing this report proved abortive, as he was not responding to several telephone calls made to him

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