August 27, (THEWILL) – The Delta State Government has debunked reports that Governor Sheriff Oborevwori borrowed the sum of N40 billion soon after he assumed office.
In a statement on Tuesday, the State Commissioner for Information, Dr. Ifeanyi Osuoza, said the misleading report was aimed to create misunderstanding and confusion in the State.
Osuoza, who emphasised that “the Sheriff Oborevwori administration has not borrowed any dime till now”, said: “What the Oborevwori administration did was to graciously guarantee a N40 billion loan facility for ALGON to enable it offset the unpaid pension liabilities of retired local government personnel. Repayable over five years, the loan is to be repaid through direct debits to the local government councils.
“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. The Governor deserves commendation, not condemnation, for being a man of honour and integrity.
“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.
“It is only a well-run economy that can embark on debt servicing and still maintain its developmental vision and focus for the welfare and well-being of its citizens, as the Oborevwori administration has continued to do.
“Meanwhile, I appeal to the media, as strategic partners of development, to always cross-check their facts, as the ethics of the profession demands, before rushing to publish.
“I wish to reiterate that Governor Oborevwori maintains an open door policy and is committed to transparency and accountability in the administration of the State.”
