Providing insights into Delta State’s financial management, the state government has successfully paid off N161 billion of the N465 billion debt inherited from the previous administrations.
The state government also guaranteed a N40bn loan facility for the Association of Local Government of Nigeria, (ALGON), not borrowed by it.
Commissioner for Information, Dr Ifeanyi Osuoza and commissioner for Economic Planning, Mr Sonny Ekedayen disclosed this during a chat with Leadership yesterday.
Osuoza stated that it was to enable ALGON to offset the unpaid pension liabilities of retired local government personnel. He said the loan is to be repaid through direct debits to the local government councils over a five-year period.
“For the umpteen times, let me also state without equivocation that the so-called N465 billion debt amount is the existing debt profile accumulated by previous administrations in the state.
“Governor Oborevwori, as many would testify, is a prudent manager of resources and has done the right thing by keeping to the terms of repayment as specified in the loan agreements.
“Debt servicing/repayment improves the credibility of any administration in the global financial community as a serious-minded and progressive administration, which will enjoy the respect and support of financial institutions.
Corroborating, Ekedayen noted that the over N40 billion received monthly from the Federation Allocation Account Committee (FAAC) is being utilised prudently.
“Of this amount, over N12 billion is allocated to salaries for the state’s workforce, which includes more than 55,000 employees, while an additional N12 billion is set aside for debt servicing.
Ekedayen also detailed the government’s expenditures, stating that billions of naira are being invested in maintaining over 1,500 public primary and secondary schools across the state.
He highlighted that the government subsidizes enrollment fees for senior secondary students, reducing the financial burden on families.
Ekedayen’s statements reflect the Delta State government’s dedication to fiscal responsibility and its focus on key sectors such as education and infrastructure, with the ultimate goal of improving the quality of life for its citizens.
We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →
Join Our WhatsApp Channel
