Gov. Otu to raise 24bn from capital market to pay gratuities, pensions
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Otu had in his 100 days address, resolved to offset the arrears before the end of the year.
By Ehigimetor Igbaugba
Gov. Bassey Otu of Cross River has concluded plans to approach the capital market to raise N24 billion to offset pension and gratuity arrears of retired civil servants in the state.
This was announced by his Chief Press Secretary, Mr Emmanuel Ogbeche, in a statement made available to newsmen in Calabar on Saturday.
Otu had in his 100 days address, resolved to offset the arrears before the end of the year.
He stated that the last time gratuities were paid to retired civil servants was in 2014.
According to the statement, “Governor Otu reiterated the government’s resolve to clear the backlog of unpaid gratuities owed retirees and emphasised that the government cannot allow the aged to sleep hungry or be unable to afford their medications.
“Consequently, funds are being sourced from the capital market to redeem the debts owed retirees by the government.”
(NAN)
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