By Ekemini Simon, TheMail Listen To The Report In 2019, despite being the only State out of the 36 States of the Federation including the Federal Capital Territory, that exceeded borrowing ceiling due to high debt burden, Cross River State Government went on to acquire loans including an unapproved foreign loan of N1.4 billion. Yet,
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 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 Anietie Akpan, The Guardian Newspaper Cross River State has set aside sum of N500 million as loan to farmers in preparation for post-COVID-19 era.The State Governor, Sen. Ben Ayade, disclosed this in Calabar at the inauguration of input distribution to farmers as part of palliatives against the COVID-19 pandemic. Ayade, who said this in
By Itam Offor The Cross River State House of Assembly has in a resolution granted approval for the Government to accept an offer of 120 days temporary overdraft facility of N2 billion from First Bank plc. The request for the Assembly’s approval was contained in a letter signed by the Secretary to the State Government,
By CrossRiverWatch Admin The Cross River State House of Assembly has recently permitted the State Governor Sen. Ben Ayade to borrow N1,519,884,078.86 (one billion, five hundred and nineteen million, eight hundred and eighty-four thousand, seventy-eight naira and eighty-six kobo) only. Ayade who wrote to the Assembly said the loan “is to enable Government meet its
By CrossRiverWatch Admin Cross River State Governor, Senator Ben Ayade has written the Cross River State House of Assembly (CRSHA) seeking approval to obtain a loan facility from First Bank of Nigeria to the tone of five billion naira (N5 billion) at eighteen per cent (18%) interest rate payable within twenty four (24) months. According
By Archibong Jeremiah Information reaching our newsroom has it that members of the Law Officers Association of Nigeria (LOAN) Cross River State chapter have just suspended their 21 days old industrial action embarked upon since 2nd July, 2018. Arising from an emergency general meeting convened by the LOAN leadership and well attended by members at