Calabar, Nov. 12, 2023: Governor Bassey Otu of Cross River says plans have been concluded to approach the capital market to raise N24 billion to offset pension and gratuity arrears of retired civil servants.
A statement by his Chief Press Secretary, Mr Emmanuel Ogbeche, in Calabar on Saturday said that Otu had in his 100 days address, resolved to offset the arrears before the end of the year.
He had stated that the last time gratuities were paid to retired civil servants was in 2014.
According to the statement, the “Governor reiterated government’s resolve to clear the backlog of unpaid gratuities owed retirees, and emphasised that government cannot allow the aged 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.”