Additional N100 billion Loan: Fight intensifies between Rochas Okorocha and Imo State Legislatures over request for additional loan

Fight intensifies Between Okorocha and Imo State Legislatures over request for additional N100 billion loan

The Biafran has gathered from a highly reliable source in the Imo State House of Assembly that there is intensifying fight between Governor Rochas Okorocha and the Imo State House of Assembly, over the former's request for an additionally loan on the heels of 26 billion naira bailout fund.



According to the source who spoke to our correspondent in Owerri, the Imo State capital, Okorocha had approached the Imo House to approve an additional bank facility to the tune of 100 billion naira.

The lawmakers were infuriated by the fact that the request was made soon after Imo State received her bailout fund. Some states benefited from the bailout fund recently shared to mostly All Progressives Congress (APC)'s States who mismanaged their state's resources. Imo State got a whooping N26.806 billion from the bailout fund, which is a loan that must be paid back by the state.

The beneficiary states were mandated to issue an Irrevocable Standing Payment Order, ISPO, to enable CBN deduct at source when their allocations become available. Imo State will be paying about N405 million monthly for the next 84 months to clear the debt.

Okorocha had also borrowed money from Islamic banks. With the bailout fund the states debt profile is almost at N90 billion. Despite all the loans Okorocha has obtained, the state is owning pensioners 19 months pension arrears. Gratuities are no longer paid to retired civil servants. Salary arrears owed to serving civil servants. This has increased hardship and death in the Imo State, as Okorocha has frittered away all the money coming to state.

The Imo State legislatures where therefore angered when Okorocha wanted them to approve an additional N100 Billion, soon after obtaining the bailout fund.

According to the source at the Imo State House, "We nearly shredded our colleague that brought Okorocha's request letter for loan. Some of my colleagues are currently considering taking drastic actions against the governor."

When pressed by our correspondent whether impeachment of the governor was on the table, he simply retorted. "Well, nothing is ruled out as things stand at the moment."