Gov Bassey Otu plans to raise N24bn from the capital market to cover pension and gratuity payments

Cross River Governor Bassey Otu says his administration has decided to approach the stock market in order to raise N24 billion in order to pay retired civil officials’ arrears on their pensions and gratuities.

According to the News Agency of Nigeria (NAN), Mr. Emmanuel Ogbeche, his chief press secretary, gave newsmen in Calabar a statement on Saturday that included this information.

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Otu promised to pay off the debts before the end of the year in his 100 Days Address.

He had claimed that 2014 was the final year retiring civil personnel received gratuity.

The governor “reiterated government’s resolve to clear the backlog of unpaid gratuities owed retirees,” according to the statement, “and emphasised that government cannot allow the elderly to go without food or medication.”

As a result, money is coming from the stock market to pay down the government’s obligation to retirees.