Delta State Government clarified that Governor Sheriff Oborevwori “has not borrowed any money” from the beginning of the state’s current administration.
This was stated in a statement signed by Dr. Ifeanyi Osuoza, the State Commissioner for Information, and it was published on Tuesday. Copies of the statement were provided to journalists in Warri.
The Commissioner stated that, “The State Government has noted with serious concern some reports on online media platforms alleging that Governor Sheriff Oborevwori borrowed the sum of N40 billion soon after assuming office.”
He insisted that “the reports are not only misleading but also capable of creating misunderstanding and confusion in the state.”
“For the avoidance of doubt, I wish to state categorically that the Delta State Government DID NOT borrow N40 billion. The Sheriff Oborevwori administration has not borrowed any money to date. The records are available for anyone who wishes to verify the truth.”
The statement clarified that “What the Oborevwori administration did was to graciously guarantee an N40 billion loan facility for ALGON, to enable it to 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,” it explained.
The statement also revealed that the Oborevwori administration inherited a debt profile estimated to be around N465 billion.
The Commissioner stated, “For the umpteenth time, let me also state without equivocation that the so-called N465 billion debt amount is actually 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 adhering 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 enhances the credibility of any administration in the global financial community as a serious and progressive administration, which will garner the respect and support of financial institutions.
“It is only a well-run economy that can embark on debt servicing while still maintaining its developmental vision and focus on the welfare and well-being of its citizens, as the Oborevwori administration has continued to do.”
