Senator Sandy Onor representing Cross River central and Governorship Candidate of the Peoples Democratic Party (PDP) has raised an urgent alarm over an alleged plan by the Cross River State government in collaboration with the suspended state House of Assembly to obtain a N35 billion loan in just 353 days to leave office.
The senator called on all financial institutions especially those outside Nigeria to beware of granting such loans, as doing so would be at their own perils considering the abeyance state of the house of assembly and the current $279 million Dollars debt profile of Cross River State.
According to senator Sandy Onor: “As of March this year, the current debt profile of this state stood at $297 million according to the debt management office. Yet the outgoing government is thinking of conniving with the state House of Assembly to borrow this whooping sum ($297 million), just to put the final nail on the coffin before they leave the stage.
“We must not allow this to happen. In any case, in the eyes of the law, there is no House of Assembly in Cross River state. And anything that carries the imprimatur of this Assembly is null and void ab initio. This should therefore serve as warning to all financial institutions outside Nigeria, not to grant any loan in what ever form to the current Government of Cross River state, as they will be doing so, at a very high risk.
The lawmaker added that, “until the courts pronounce otherwise, the state House of Assembly cannot enact legally binding resolutions and laws,” he said.
The senator called on the media not to be silent about the ills of government in other the ensure dividends of democracy.
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