Saturday, January 21, 2012

Abia earmarks N10bn for debt servicing

20 January 2012

Abia State government has earmarked N10 billion for servicing of debt, both foreign and domestic this fiscal year. This was contained in the state’s 2012 budget breakdown presented by the Commissioner for Finance, Dr. Nick Eleri.

According to Eleri, this was arrived at after the visit of the Debt Management Office to the state to review operations of the state and also conducted a review of the debt data reconstruction exercise.

“The report from the Debt Management office shows that the debt profile of the state is within the acceptable debt threshold.

“Consequently, the state government will this year give foreign and domestic debt servicing a facelift,” the commissioner explained.

The breakdown of the budget also showed that the Office of the Governor, Government House, are to receive 33% of the total budget, while allocations to Ministry of Education accounted for 19.06%.

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