₦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/

I will wait for Agatu abi na ujoatu to confirm 1st b4 i run my commentary

If it true Just watch how Rochas would travel out saying he is going for investors while he is going to stash the looted money someplace

For God sake, what's wrong with Imo people in the head? Are you people under a spell? How can Imo, evidently then one of the best state in Nigeria before Okorocha reduced to this abysmal disgrace. SMH

What is wrong with our governors self?

kenai, food don land..

I regretted why i work for the re-election of this man, for Christ sake, why is he making Governance very hectic for his successors?

Imo might soon be like Osun state

naijapips02:
Imo might soon be like Osun state

Kenai will not agree with you on this..

Okorocha taking loans on behalf of Imo state to continue with his Owerrri Municipal development government.

Okorocha taking loans to continue to build flyovers and by-pass roads and landmark buildings in Owerri, instead of employment- generating developments for Imo state youths.


Okorocha has his huge house and businesses, including hotels in Owerri. He has thus been spending the state capital development budgets only on the state capita, with the dream that the state capital shall become a New York City overnight.

may God have mercy on imo people! it has never been this bad.

naijapips02:
Imo might soon be like Osun state

Slow and steady, whatever imo has been getting minus N403m for the next 84months. So be patient bro, Rochas is still going to borrow more.

STFUand4kMeHARD:
I will wait for Agatu abi na ujoatu to confirm 1st b4 i run my commentary

ujoatu is just a pooooo......He can't handle critics. Once you criticise him on Facebook he will just block you.

Buhari is a dullard from Daura,Amaechi is a lizard of Ubima,Osinbande is a Midget from Ogun state.
The Zombies are free to quote me.

Goldencollins:
Buhari is a dullard from Daura,Amaechi is a lizard of Ubima,Osinbande is a Midget from Ogun state.
The Zombies are free to quote me.

This your post is becoming stale. Be creative and innovative.

Agimor:
This your post is becoming stale. Be creative and innovative.

Buhari is a dullard from Daura,Amaechi is a lizard of Ubima,Osinbande is a Midget from Ogun state.
The Zombies are free to quote me.

Goldencollins:
Buhari is a dullard from Daura,Amaechi is a lizard of Ubima,Osinbande is a Midget from Ogun state.
The Zombies are free to quote me.

You're beyond redeemable.

Agimor:
You're beyond redeemable.

Buhari is a dullard from Daura,Amaechi is a lizard of Ubima,Osinbande is a Midget from Ogun state.
The Zombies are free to quote me.

We all know based on street knowledge that okoroacha was an established 419ner. Until we as people starts putting up structures to discourage rogues,vagabonds,baboons and dogs access to power,men as okoroacha will continue to plunder our collective commonwealth under the guise of change.

Imo is on a road to bankruptcy with that APC govt in power