By Emma Amaize


DELTA State Governor, Dr. Ifeanyi Okowa, yesterday, said the
state government did not receive a bailout of N70million
from the Federal Government as reported by the media.
The governor, who spoke through his Chief Press Secretary,
Mr. Ehiedu Aniagwu, also told reporters that it was not true
that the state government dissolved the Delta State Oil
Producing Areas Development Commission, DESOPADEC.
His words, “From the onset, let us make it clear that no N70
billion under any guise whether allocation, bailout or grants
was released to the state.”

“You recall that when the governor briefed the House of
Assembly, he made it clear that the debt burden of the state
was huge and beyond the contractual obligations, the
commercial debts to banks and the repayment
conditionality were quite strangulating.
“As a proactive administration, the government sought ways
to alleviate the burdens so as to deliver on its promise of
prosperity to all Deltans.

“One of the ingenious ways the government considered was
to explore the option of the Federal Government bond.
“What this meant was that the state liaised with the Debt
Management Office to take over the commercial loans and
restructure them to Federal Government bonds giving the
state a long repayment period without increasing the debt
burden of the state.’’


Source :- www.vanguardngr.com/2015/07/delta-didnt-receive-n70m-bailout-okowa/

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Revelations chapter...