Delta State Didn’t Receive N70m Bailout – Okowa

ifeanyi okowa

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.’’

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