From Umar Dankano, Yola
Speaker of Adamawa House of Assembly and Erstwhile Acting Governor of Adamawa, Alhaji Ahmadu Fintiri, said he expended over N20 billion on salaries and projects during his 86 days tenure as Acting Governor.
Fintiri made this known in Yola while briefing newsmen on his stewardship as Acting Governor.
Fintiri said his three months old administration received a total income of N21. 4 bn, out of which he expended N20. 6 bn, leaving behind N708. 2 m.
“Accountability is one of the most essential virtue of leadership in and out of office. I therefore, find it necessary to give an account of my stewardship as the Acting Governor to the people of Adamawa.
“It is pertinent to state here that the financial position of Adamawa at the time we came to power was catastrophic.
“The state was heading to total collapse due to high level of indebtedness. The state owed liquid cash of over N12.8 billion to just one bank, and for over three years the state government had been paying salaries through over draft.
“The state was paying about N100 million monthly as interest on overdraft, term loan repayment of about N1 billion monthly, and overdraft repayment of N3.5billion monthly”, Fintiri said.
He said his brief administration was able to save the state from drowning in debt by involving the service of professionals who brought about financial stability.
“Consequently, monthly interest on overdraft dropped to zero naira, the repayment of term loan also dropped from about N1billion monthly to N311 million monthly and the repayment of overdraft dropped from about N3.5 billion monthly to zero naira monthly.
“In addition, my administration saved the interest in debt of N12.8 billion from the usual 22 per cent to 16 per cent, resulting in saving about N2 billion, besides the over N400 million that was made from the moratorium period agreed”, Fintiri said.
According to Fintiri, the stability being enjoyed by the state as at now was as a result of his administration’s accountability and transparency in governance which he said made it possible to pay salaries and salary arrears as well as embark on projects.
“It is interesting to know that, the financial stability enjoyed by the state up to the present time was as a result of our accountability and transparency in governance and the result of our resolve against further borrowing and commitment to serving the people, which made it possible to pay salaries and salary arrears as well as embark on laudable projects some of which have been completed and others on-going”, Fintiri said.