Imo state Governor Owelle Rochas Okorocha yesterday said he
regretted collecting bailout funds from the Federal Government saying it has
greatly affected the financial strength of the state due to monthly deductions of the state
allocation from the federation account which will run for the next twenty years
as a result of the 26billion naira collected by the state.
He further said the state is in dire financial mess after
the deductions has left the state with 30 percent of its allocation, salaries
and entitlements of senior functionaries
of the state were slashed by 35 percent. He however debunked rumours that the
bailout funds were diverted or misappropriated said the bailout fund was used
for payment of workers’ salaries.
Governor Okorocha said the state Government already owed
workers salaries for months and had to borrow money from banks to offset the
salaries hence the need for the bail out which was immediately used to repay
banks and the government house account to pay those not captured in the civil
service.
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