Anambra Govt. denies secretly raising N25b bond from DMO, Finance Ministry

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Gov. Willie Obiano: We have a record of prudent financial management

Anambra State Government on Wednesday denied allegation that it secretly raised a N25 billion bond from the Debt Management Office (DMO), and the Federal Ministry of Finance, Budget and Economic Planning, for the rehabilitation of failed federal roads in the state.

However, the government in a statement signed by the Commissioner for Information & Public Enlightenment, C. Don Adinuba, admitted receiving promissory notes in two tranches from the DMO, and Federal Ministry of Finance for the rehabilitation and reconstruction of failed federal government roads in the state.

The statement dismissed as false the alleged claim by Patrick Ifeanyi Ubah, Senator representing Anambra North in the upper legislative chamber of the National Assembly, that the state government “furtively” raised a twenty five billion naira (N25bn) bond from the DMO, and the Federal Ministry of Finance, Budget and National Planning for the rehabilitation of failed federal government roads in the state.

 Senator Ubah was also said to have alleged that the bond was approved without the knowledge of the National Assembly.

But the state government described the allegations as “bizarre,” adding that there is nowhere in the world where a bond can be issued secretly.

It explained that before a bond could be issued for a state government, the State House of Assembly, DMO, the Federal Ministry of Finance, Budget and Economic Planning, the Central Bank of Nigeria (CBN), and the Securities and Exchange Commission (SEC), must be involved.

 “Every bit of the transaction must not only be transparent, but also be public knowledge,” the statement explained.

The statement read in part:  “We are not aware of anywhere in the world where a bond can be issued secretly    The Anambra State Government has not raised any money from the Debt Management Office or the Federal Ministry of Finance under a bond or any financial instrument from any institution or organization.

“Our record of prudent financial management and integrity is well acknowledged far and near.

 “Last August 31, for instance, BudgIt, a highly regarded independent civic organization which uses technology to intersect citizen engagement with institutional improvement to facilitate societal change, declared Anambra State and the petroleum -rich Rivers State the two states with the best fiscal responsibility index in Nigeria.

“ It is tough to speculate how Ubah came about the phantom N25bn bond which Anambra State purportedly raised surreptitiously from the DMO/Federal Ministry of Finance.

The only thing that any individual can possibly think about is the promissory notes which the state government received in two tranches from the Debt Management Office/Federal Ministry of Finance for the rehabilitation and reconstruction of failed federal roads in the state.

 “The promissory notes were never secret. The reimbursement was recommended by the Senate after a public hearing on the debts owed the state for the roads rehabilitation and reconstruction.” 

According to the statement, “ Anambra state is today regarded as a model in governance. Despite limited resources, it is ahead of every other state in Nigeria in a lot of areas, including the employment rate which many economists in the world regard as the most important indicator of economic performance.”

SummitNews recalls that the National Bureau of Statistics (NBS), recently published the latest survey of unemployment rates in Nigeria which saw Anambra, with a13.1% unemployment rate in a working population of 2.25 million.

According to NBS, Anambra state has the lowest unemployment rate in the country, whereas, the average national unemployment rate is 27.1%. 

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