Bailout fund: 1bn deducted from Imo state monthly allocation

Close to N1 billion naria is deducted from the monthly allocation accruable to Imo State to repay 26 billion naria bail out funds given to the Okorocha administration by the Federal Government.

This was revealed by Imo State Governor, Emeka Ihedioha in his speech to celebrate his 100 days in office in Owerri, Friday.

” It is worthy of note that with our wage bill at an average of N2.5b per month, almost N1 billion monthly pension bill and in an atmosphere of very low IGR, leaves little for development.

“This is compounded by the almost N1b statutory deduction on our FAAC, majorly for the repayment of the N26.8b bail out funds, given to the last administration” the Governor said.

He explained his administration’s success in various sectors such as education, health, power supply, youth empowerment, agriculture, sports and provision of affordable housing soon

He said within 100 days in office, the State Internal Generated Revenue, IGR, increased from all time low of about 300m in July to 600m in August which made the State qualify for performance based grants of the World Bank and other multinational development institutions.

According to him, workers salary has been restored to 100 percent, backlog of local Government workers paid.

He added that all unjustly suspended Directors, have been reinstated and his administraion has reversed some underserved promotions and sponsored officers to capacity building programmes.

Ihedioha said 14 critical raids are undergoing reconstruction while 70 Rural Roads network with a cumulative distance of 381 kilometers across 27 LGAs are under the Rural Access and Mobility projects, RAMP.

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