PDP is Broke...See the Staggering Debt it Has Incurred

The Peoples Democratic Party director of finance, Chief J.O. Omuya has made a shocking revelation that the party is in dire financial crisis.A brief by the Finance Directorate of the party submitted to the new national chairman, Senator Ali Modu Sheriff, by the director of finance, Chief J.O. Omuya, has shown that the party has accumulated outstanding bills and liabilities to the tune of N872 million. 

According to a New Telegraph report, “the party has over 20 dormant bank accounts with small balances,” resulting in the Finance Directorate recommending the closure of most of the accounts.

 

The brief said: “As at the close of business on February 19, 2016, the party’s cash and bank balances stood at N616,654,205. It is important to highlight, N8, 266,143 is held in over 20 dormant bank accounts while N508,674,108 held at Skye Bank is currently the subject of litigation for mereva injunction, leaving a paltry sum of N99,714,954.” 

 

The report said: “As at date, outstanding bills, claims and other liabilities that have been passed to the Finance Directorate for payment, but which have not been paid for lack of funds amounted to N872 million.

“The party is facing serious financial quagmire at present. There is no adequate and regular source of income to meet its regular expenses and overheads. What used to come in as monthly stipend has become grossly insufficient to pay staff salaries, utilities and National Working Committee (NWC) monthly allowances, not to talk of other pressing party activities and obligations."

 

“One major challenge which the new national chairman will be confronted with therefore, is the need to pay most of the outstanding genuine bills, claims and liabilities to avoid embarrassment.”

 

Narrating the state of the party’s finances, the director said: “In recent years, the National Secretariat has been living from hand to mouth and with no well-defined and sustainable means of regular income, safe for the funds realised from the sale of forms in 2014 for the 2015 general elections, which has been expended.”

 

The report further revealed that "due to paucity of funds, the impress has not been paid since February 2013. Most officers have been using their personal funds to run their offices,” the report stated.