Considering the dwindling revenue and huge financial burden being faced by the state, Akwa Ibom State Government at the weekend confirmed its interest to key in to the second round of bailout facility or fund provided by the Federal Government.
The State Commissioner for Finance, Mr Akan Okon, dropped the hint in his office at a briefing jointly held by the State Commissioner for Local Government and Chieftaincy Affairs, Mr Victor Antai, on the state economy.
He said the state has all the requirements to take the loan.
The Commissioner stressed that the facility was very timely, hence the state government’s readiness to avail itself of the window being offered by the new loan to meet the needs of the state.
He disclosed that the state received N5. 3 billion as allocation from the federation account in the month of May, while its wage bill stood at N4.8 billion, making it difficult for the state to meet its financial obligations.
“I want to state that in the month of May, we received N5.3 billion and the wage bill was N4.8 billion. With this you can see that government is in a very tight situation.
“With the dwindling finances experienced in the state, the state government has to key into the window of the new loan facility being offered by the Federal Government,” the Finance Commissioner said.