Akwa Ibom Is Also Crying For Bailout Fund After All The Oil Allocation

One of the worst thing that could happen to a rich state or country is to be ruled by reckless spenders...

The Akwa Ibom State Government at the weekend confirmed that it has indicate interest in the second round of bailout fund to be provided by the Federal Government.

State Commissioner for Finance, Akan Okon, confirmed this at a briefing jointly held by the Commissioner for Local Government and Chieftaincy Affairs, Victor Antai, on the state economy.

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."

When they used to collect well over N15bn per month, what did they use the money for? No savings?