Breaking News

Enugu not heavily indebted — Commissioner

Enugu—Mrs Vivienne Eze, Enugu State Commissioner for Finance, has said that the government is not heavily indebted.

Eze who made the statement in Enugu,  while presenting a breakdown of the state budget for the year, said out of the N7 billion the government owed last year, it had repaid N5.5 billion.

The Commissioner said the government took long-term loans with a 35-year payback period.
She said the loans had low interest rates of two and a half percent and 10 years moratorium.

“Most of the loans we are expecting are long- term with very low interest of two and a half percent interest with 35 years payback period. On short-term loans, which we took  from banks, we paid them back within 12 months or 18 months as the case may be and we paid from our resources”, the Commissioner said.

Eze also said that the government had set up a committee, made up of members of the state Executive Council and consultants for monitoring and collection of Internally Generated Revenue.

She urged the people to pay their levies and taxes to the banks and report cases of extortion to relevant authorities.


Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.