Bailout Funds, Paris Club Refunds Judiciously Spent, Says C’River Commissioner

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By Bassey Inyang in Calabar
 
The Cross River Government has disclosed that it used the bailout funds and the two tranches of the Paris Club refunds paid by the federal government for the settlement of liabilities owed workers and retirees in the state.
 
The state Commissioner for Finance, Mr. Asuquo Ekpenyong (Jnr.), who made the disclosureThursday, said substantial part of the funds that accrued to the state in December 2016 and in mid 2017 respectively were used to offset unpaid pensions, severances packages to former political appointees, and gratuities to retired workers in order to alleviate the hardship they were facing. 
The commissioner said the remaining balance of the funds was used for the payment of salaries, and recurrent liabilities.
 
Ekpenyong, who stated this during an interactive session with journalists in Calabar, said the bailout funds, and the Paris Club refunds were used judiciously by the administration of Governor Ben Ayade.
 
The commissioner disclosed that the state government’s strict implementation of the Treasury Single Account (TSA), was a deliberate policy aimed at instilling financial discipline and prudent management of the state’s lean financial resources.
 
Details later…