₦airaland Forum

Governor Rochas Okorocha has gotten approval to take the Federal Government’s N20 billion bond.

With this, the state debt profile would increase to N80b.
It was observed that the state is owing over N60 billion, including the Federal Government’s N26 billion bailout fund, which is expected to be paid back in 20 years.

The decision by Governor Okorocha to grab another N20 billion became manifest via a letter from the Federal Ministry of Finance, DMO/PMD/241//T/7, dated August 25, 2015, and signed by A. M. Daniel-Nwaobis, the Permanent Secretary, Ministry of Finance.

According to the letter obtained by Vanguard, the Permanent Secretary’s mail was sequel to Okorocha’s earlier letter, dated May 2, 2015, requesting for approval to issue on “an Irrevocable Standing Payment Order, ISPO, for an amount of N402,957,780.91 monthly for 84 months in respect of a N20 billion ISG (Imo State Government) Bond Issuance Programme” to Finance Uncompleted and New Projects.”

The Federal Government drew Okorocha’s attention to “the fact that based on the fall in oil prices and the consequent decline of revenues for governments at all levels in the country, there is an urgent need to exercise greater restraint with respect to borrowing to avoid future debt unsustainability.”

It informed Governor Okorocha that the Debt Management Office had advised that his request could be granted. Consequently, the Permanent Secretary granted a “no objection” approval for the government to go ahead with the plan.

“Accordingly, I hereby grant a no objection for the state government to issue an ISPO for a monthly deduction of N402,957,780.91 for 84 months in respect of a N20 billion bond for the completion of on-going infrastructure development projects and for new development projects in the state, subject to the state meeting other requirements of the Investment and Securities Act, 2007,” the Permanent Secretary stated.

http://dailypost.ng/2015/09/21/okorocha-gets-approval-to-increase-imo-state-debt-profile-to-n80bn/

That's all they do, borrowing to enrich themselves, up till now, Imo state is still been developed only on billboards.

Make una keep on borrrowing o. But remeber dat he who goes borrowin goes sorrowing o

chocolateme:
That's all they do, borrowing to enrich themselves, up till now, Imo state is still been developed only on billboards.

miss space booker continuuum

This Man is the worst governor imo has ever seen