Our debt is less than N10 billion, not N100 billion – Imo Govt

LEGISREPORTS NG – Worried by the growing accusations from various quarters that the Imo state government has borrowed more than N100 billion since Mr. Rochas Okorocha ascended the throne as the governor of the state, the Commissioner for Finance, Mr. John Chike Okafor, on Wednesday waived the allegation, insisting that the state is only owing less than N10 billion.

Okafor also noted that when the state government came into office, it uncovered that the immediate past administration borrowed N6 billion few days to the election, which, according to Okafor, was faulty. He said it was wrong for some persons and groups to accuse the government either by text messages or briefings, that the state government borrowed about N100 billion, mortgaging the state’s future to debt repayment.

The commissioner also said there was no time government was enlisted by the Debt Management Office (DMO), as insolvent and incapable of borrowing from any bank or financial institution in the country, having exhausted such opportunity constitutionally.

This report was prepared by our reporter in Owerri.