Dr. Ifeanyi Okowa
By Oye Chijioke.
The Delta State government of Senator Dr. Ifeanyi Okowa has promised to use his magnanimity to rekindle the hopes of Deltans and give the people the power to actualize their dreams, the governor disclosed this to the public and members of the State House of Assembly on Thursday, 25 June, 2015, Governor Okowa declined the spate of broken promises and the profligate lifestyle of some of those entrusted with leadership have combined to erode public trust and confidence in government.
Dr. Ifeanyi Okowa noted that Deltans wants to see true role models not just a simple change of guard followed by cosmetic reforms, adding that as elected leaders, members should lead by example, it is a fact of life that people buy into the leader before they buy into the vision, he urged honourable members to display the sacrifice, simplicity and discipline expected of every citizen in the state current economic predicament, he further stressed that on assumption of office, he was briefed by the Permanent Secretary Ministry of Finance and the Accountant-General of the state recently on the state of Delta finances, adding that the highlight of the briefing is that the revenue receipts from federation accounts allocation committee has dropped to about #8.03billion in April from a high of over #20billion in previous years, he said that currently the state is grappling with a revenue bond and indebtedness to commercial banks totalling N98.62billion while the outstanding contractual obligations is #538,601,962,421.50.
He pointed out that the past administration in 2011 took a #50billion facility from the bond market with a repayment period of seven years in 84 instalments at #1.098billion each month.
The governor also said the state in November 2014 acted as a guarantor to some selected contractors supported by the issuance of an irrevocable standing payment order of N2.23billion monthly for which the contractors received the total sum of #40billion.
In all this according to the governor, the state have paid four instalments in 20months totalling N44.60billion and the loans is to go through the year 2017 to pay, which is different from the sum of N19billion and another N715million overdraft facility outstanding with zenith bank plc, and some other smaller loan and overdraft facilities totalling about #2billion with other banks.
However, the state governor said that a total monthly deduction of #4.60billion will be made from the state allocation receipts with effects from this June via to march 2017 and thereafter #1.098billion monthly until September 2018, adding that this leaves the state with a balance of #3.4billion assuming the FAAC allocations stays at #8.03billion, again the receipts from internal generated revenue is about #2.0billion monthly after deducting cost of collection, the implication of these figures is that the fund available to run the state is #5.40billion monthly in the next two years, except if there is a significant rise in oil receipts and the state internal generated revenue, he said that the available fund of #5.4billion is insufficient to offset the state monthly wage bill, let alone overhead cost or for government to embark on capital projects.
