- | - Select Menu

Slider-Index

Breaking Gist

Newspaper Reviews

Entertainment Gists

Education

Cryptocurrency Gists

Music

JOB ALERTS

VIRAL GISTS

Politics & Government

» » » » » Imo State is Broke - Governor Okorocha
«
Next
Newer Post
»
Previous
Older Post

Imo State Governor, Rochas Okorocha, has yesterday disclosed that the state is insolvent, as its monthly wage bill has outstripped its monthly statutory allocation from the Federal Government. The governor said monthly servicing of the bailout fund has further compounded the situation, according to the Daily Sun. This was just as he reiterated that there was no going back on the state government’s decision to concession the management of parastatals.

Okorocha, who revealed this when he spoke to newsmen at the Government House in Owerri said the monthly wage of the state had always been higher than what the state receives from federal alloca­tions and internally generated revenue.
“The monthly wage bill of the state is N4.2 bil­lion which is far higher than what we receive from federal allocation including the internally generated revenue which means that the state government has always been operating on a deficit. As at December 31, 2015 the state received N1.9 billion from the Federal Government while the monthly wage bill of the state for the same period was N4.2 billion.”
“We cannot continue to patch a cracked wall as if all is well, we need to break it down in order to rebuild it, and the current wage bill of the state is be­yond our capacity. Imo State now receives the least allocation among the South-East states because of the monthly repayment of the bailout fund which the state took from the Federal Government, a situation which has further compounded the financial situa­tion of the state.”

The governor insisted that in spite of the financial dilemma of the state, no worker is being owed any salary.

About Anonymous

Nigerian #1 Multifarious Entertainment Magazine, providing Nigerian gists on Celebrities, Politics, Lifestyle, Relationships, Events, Pageants, Fashion and other Breaking Stories. For Event, Pageant, Wedding, Program, Hype and Media PR, let us know; Add Us On BBM:5651B8C1 Or Call/Whatsapp +2347034265167
«
Next
Newer Post
»
Previous
Older Post

No comments

Lets Hear Your View

Let's hear your own personal view using the comment box below