Debt Management Office: Has Ulterior Motive - ACN

The Action Congress of Nigeria (ACN), Rivers State Chapter says the establishment of a debt management office being proposed by the Leader of the Rivers State House of Assembly, Hon Chidi Lloyd has an executive backing to further deal a devastating blow to an already staggering State economy and should be discarded outrightly.

In a statement issued and signed by the State Publicity Secretary of ACN, Jerry Needam, the party regretted that the state executive arm led by Rt. Hon Chibuike Amaechi may not have been done with external borrowing and only wants to add more impetus to his penchant for loans and bonds through an ambiguous debt management office.

The ACN queried the need for the debt management office when there are existing departments, approving agencies and the ministry of finance in charge of revenues accruing to the State and the expenditures in addition to the internal fiscal mechanisms in all ministries, parastatals and agencies of government that also perform debt management functions.

Describing the move as unnecessary duplication of functions and waste of State resources, the statement noted that the only reason behind Hon Chidi Lloyd's proposal was to legalize borrowing as an executive policy which according to it, is not healthy for the economy.

The ACN spokesman cautioned the lawmakers to be careful and mindful of bills emanating from the executive which excesses it has the mandate to checkmate, warning that any lapses eventually recorded of the administration will largely be blamed on them.

The ACN maintained that the plan to create this unnecessary debt management office has vindicated the party's position that Gov Amaechi has gone beyond official boundaries of external borrowing and is now looking for an escape route through the law.

It would be recalled that the controversial bill which has already had its first reading in the house was said to be privately sponsored by the House leader, Chidi Lloyd which the ACN says was only a camouflage, stressing that there is more to it than meets the eye.

Jerry Needam, JP
Publicity Secretary
Action Congress of Nigeria
Rivers State.
Thursday, September 8, 2011