As politicians in Cross River State begin to jostle against 2023, it is important for everyone to be reminded of what is one of the State’s biggest challenges – It’s debt burden. Going by 2019 records, Cross River State owes more than N230 billion. This debt is divided into external debt of $209million and domestic
In one of my earlier articles, Labouring under a deadly burden, I wrote about one of Cross River State’s biggest challenges – It’s debt burden. I reflected on the fact that the State’s debt grew by 78% from 2014 to 2019 leaving it with debt of more than N230 billion. Debt is not necessarily a
By CrossRiverWatch Admin Monday, November 30, 2020 has been set by ECOWAS Court of Justice to hear suit no. ECW/CCJ/APP/14/19 involving ECOWAS Bank for Investment and Development (EBID) and Cross River State Government. Cross River State Government is accused of failure to adhere to the terms of the loan agreement no. 7/AP/LAFRDF/04/05. The accord was
By Yinka Kolawole, Vanguard Newspaper Cross River and 12 other States in Nigeria may have become technically insolvent as an independent research report indicated they failed fiscal sustainability test. According to the research conducted by BudgIT, a public sector-focused financial information house, the States’ revenues could not fund their recurrent expenditure obligations together with their
By CrossRiverWatch Admin Mr. Obi James Achara, the managing director of Obi Achara limited, the firm, contracted to construct the isolation center for the COVID-19 pandemic in Calabar, the Cross River State capital is threatening to shut down the facility following the non-payment of a NGN68 million debt. The Sun Newspapers reports that work at
By Patrick Obia A former Cross River State Governor Donald Duke on Monday told a Federal High Court in Lagos that he would pay his N537,334,360.77 debts to Asset Management Corporation of Nigeria (AMCON) in less than 12 hours. Duke, through his Counsel, Mr. Edoigiawerie Omoruyi, told Justice Nicholas Oweibo that he had approached AMCON
By Jonathan Ugbal The claims made by Mr. Emmanuel Ulayi, a Special Assistant to Governor Ben Ayade on media that the Cross River State Government has not borrowed a dime since Mr. Ayade assumed office in May 29, 2015 may not be true as quick checks on the Debt Management Office shows otherwise. In a
By CrossRiverWatch Admin The Cross River State Command of the Department of State Services (DSS) has today made available a release, exonerating one of it’s official, Mr. Eyo Bassey from an alleged kidnapping which took place on Wednesday at Uwanse. In a press release, DSS State Director, Mr. Adebayo Ilupeju said the circumstances leading to