The Peoples Democratic Party (PDP) gubernatorial candidate in Cross River State, Senator Sandy Onor, has warned the country’s financial institutions against extending loans to Governor Ben Ayade’s administration, claiming that this would be at the risk and peril of these banks.
Senator Onor, who issued the warning over the Calabar weekend in what he called a ‘post-election press briefing’, alleged that the state government was colluding with the House of Commons. assembly to borrow 35 billion naira before leaving office.
“As of March of this year, this state’s debt profile stood at $279 million, according to the Office of Debt Management. However, the outgoing government is thinking of agreeing with the House of Assembly to borrow this staggering sum, just to put the last nail in the coffin, before they leave the stage.
“There can be no other way to show how mean and inconsiderate a government can be to its people. We must not allow this to happen as the incoming government will inherit a mountain of debt to contend with,” said the PDP candidate, who represents Cross River Central in the Senate.
He said: “Anyway, in the eyes of the law there is no House of Assembly in Cross River State and anything bearing the imprimatur of that assembly is null and void ab initiation.
“This should therefore serve as a warning to all financial institutions inside and outside Nigeria, not to extend loans in any form to the present government of Cross River State, because they will do so at very high risk.
“Until the courts decide otherwise, the House of Assembly, as presently constituted, cannot pass legally binding resolutions and laws.”
He also called the current administration’s plans to hold local elections in May next year laughable, saying: “That can’t stand either because by law you can’t build something. on nothing. In the eyes of the law, the House of Assembly is in abeyance and therefore cannot confirm the governor’s appointees to the Cross River State Independent Electoral Commission (CROSIEC).