Delta state chapter of the All Progressive Congress (APC) has criticised Governor Ifeanyi Okowa for requesting the state House of Assembly to approve another humongous loan of N150 billion.
APC in a statement signed by the publicity secretary, Mr. E. V. Onojeghuo, said Governor Okowa aims to secure this completely irregular loan against, “Expected inflow from the Federation Account from petroleum subsidy payments made without recourse to the 13 % derivation due to oil producing states from January 1999 to 30th November, 2021.”
The spokesman of APC noted that Okowa wants to spend what will accrue to Delta state over the next five years within the last one year of his administration.
He said: “Within the last few months, this fellow has gotten approval from the rubber-stamp legislature of Delta state, for loans amounting in excess of N250 billion and we are all sitting quietly in this state watching this pathetic excuse for an administration mortgaging our children’s children way into the future, while all the resources of our state keep steadily disappearing into private pockets.
“This 150 billion naira loan is a fraud from the pit of hell and it is absolutely shocking that a financial institution of the supposed pedigree of Zenith Bank PLC would lend itself to such a self-evidently unconstitutional transaction.
“Governor went further to present what is a most unlawful excuse for obtaining this insane amount to his rubber stamp legislature, claiming that the state’s ability to deliver the phantom legacy projects of his shameful administration is limited by the fact that the expected total refund will not be received into the state’s account in one lump sum but will be refunded over a period of five years on a quarterly basis with effect from April, 2022 to January, 2027.”
He said upon these astonishingly unconstitutional grounds, Okowa claims that the implication of this is that the state will need to secure a bridging facility in order to achieve the objectives and the facility shall be secured with the quarterly expected inflows.
Mr. Onojeghuo said unlike what Okowa told legislators, the only lawful and legitimate implication of future revenue is that it can only be allocated
in the future for expenditure by the government that happens to be in power at such time in the future at which such revenue materialises.
“Indeed, going by Okowa’s logic, it means that if we can just get some crooked bankers to simply project that 20 years from now, Delta state will earn a windfall of N1 trillion, the government in power today can just go ahead and borrow N1trillion and spend it right now, having secured the repayment of the loan against the projected N1 trillion, which, if it ever materialises, is deemed in law as revenue meant for expenditure by a future administration that would be in power 20 years from now,” he said.
“The income ordinarily accruing to our state every month can adequately settle pensions and ensure the completion of all projects as long as it does not keep disappearing into private pockets in and around Government House, Asaba.”
“Let no one be fooled: Delta State is, per capita, by far the richest state in Nigeria, today.
“Our one and only problem is to have found ourselves in a true horror of a situation wherein we are stuck with a complete mistake of a governor who insists on leaving office as the richest governor in the entire history of Nigeria.”