Ortom Gives Account of N734 Billion Eight Years Accrual To Benue State

Ortom Gives Account of N734 Billion Eight Years Accrual To Benue State

OpenLife Nigeria reports that Governor of Benue State, Samuel Ortom has formally given a highlight of the finances during his tenure and presented handover notes of his eight years administration to the Governor-elect of the State, Reverend Father Hyacinth Alia.
Ortom was elected Governor in 2015 and re-elected for a second term in 2019.
The Governor made the presentation at a brief ceremony on Sunday, May 28th, 2023 at the old Banquet Hall of Benue Peoples House, Makurdi.
He said handover notes, which are three volumes, contain sectoral briefs as well as briefs on all the Ministries, Departments and Agencies (MDAs) of the State Civil Service and briefs on the key programmes that were implemented by his administration
“Your Excellency, although the handover notes I am signing with you today encapsulate the essentials of my administration’s eight years in office, I consider it pertinent to give highlights on income, expenditure, debt profile and pension within the time span of my administration.
“The total income that accrued to the State within the tenure of my administration from all sources (Statutory income, Value Added Tax, Internally Generated Revenue, other FAAC incomes including Grants, refunds, and loans) was N734.96bn as at 30th April, 2023.
“The total expenditure on both recurrent items (salary, wages, pension and gratuity, overhead or cost of running government services, loan service obligations, refunds, remittances to Local Government Councils) and capital expenditure amounted to N735.6bn as at 30th April 2023.
“The total indebtedness of the Benue State Government at this time of the exit of my administration from office is N187.56bn. This is inclusive of salary and pension arrears, loans and bonds as well as outstanding contractual obligations,” Governor Ortom stated.
Governor explained that his administration has taken proactive steps to negotiate and ensure significant debt reduction, reliefs for the state.
He gave the breakdown as a total debt swap between the Federal Government and State Government to the tune of N71.6bn.
According to the Governor, the inflows being expected were a backlog of accumulated Stamp Duties of N48bn, refund from debt swap with the Federal Government to the tune of N22.95bn, amounting to N70.95bn.
He emphasised that “by the time you discount or factor in the negotiated debt swap and the expected inflows, the State would attain a debt reduction, bringing down the State’s debt profile to N45.2bn
“In addition, Benue State has outstanding approvals awaiting disbursement from the Federal Government including: balance of bailout N41bn, CBN facilities (referred to as Central Bank of Nigeria DCRR) of N20bn.”
He further explained that his administration had introduced pension reforms stating that over N8bn has been raised under the Contributory Pension Scheme.
While congratulating the incoming Governor, Ortom advised him that after he would be sworn-in and formed his cabinet, he could invite Permanent Secretaries and Chief Executive Officers of MDAs to brief him and his team and thus throw additional light on their submissions/briefs as contained in the handover notes.
In a brief response, the Governor-elect, Rev. Fr. Hyacinth Alia expressed appreciation to Governor Ortom for his service to fatherland in the state and for the handover notes he presented to him.
Governor Ortom and incoming Governor, Fr. Ortom later appended their signatures to handover notes.