Delta State governor, Dr Ifeanyi Okowa, has pledged to extricate the state from what he called its stringent mortgage to financial institutions between June 2015 and September 2018 over a cumulative debt of N637.22 billion.
In his maiden address to the Delta State House of Assembly yesterday on the “State of our Economy”, Okowa said “the state is grappling with a revenue bond and indebtedness totalling N98.62bn (principal sum) to commercial banks, while outstanding contractual obligation is N538,601,962,421.50.”
He disclosed that “in 2011, the government took a N50bn facility from the bond market, with a repayment period of seven years in 84 instalments at N1.098bn each month.”
He said the facility would terminate in September 2018 with 40 more instalments (totalling N43.92bn) to pay with effect from June 2015.
In his maiden address to the Delta State House of Assembly yesterday on the “State of our Economy”, Okowa said “the state is grappling with a revenue bond and indebtedness totalling N98.62bn (principal sum) to commercial banks, while outstanding contractual obligation is N538,601,962,421.50.”
He disclosed that “in 2011, the government took a N50bn facility from the bond market, with a repayment period of seven years in 84 instalments at N1.098bn each month.”
He said the facility would terminate in September 2018 with 40 more instalments (totalling N43.92bn) to pay with effect from June 2015.
