Despite public outcry over incessant loans by the outgoing Governor of Delta State, Governor Ifeanyi Okowa, Delta state is going to be plunged further with another N12billion loan, according to an insider information.
The new loans which will soon be presented to the State House of Assembly for approval, according to a source, is targeted to be used to pay pensioners, a move many believe is to curry the votes of Delta State pensioners.
Governor Ifeanyi Okowa is the running mate of Alhaji Atiku Abubakar who is currently vying to be elected Nigeria President under the People’s Democratic Party.
Since the emergence of Governor Okowa as Atiku’s running mate, the state government under him has resorted to untamed borrowing.
Okowa’s critics believe that the hundreds of billions of Naira incessantly borrowed may have been for campaign purposes.
Delta State is one if the richest oil producing states. Despite these fortunes, and the massive inflow of funds from the Federal Government and other sources, the state is emerging as one of the most indebted states in Nigeria.
The borrowing has recently peaked, and many Deltans are calling on banks and other borrowing institutions to refrain extending further loans to the state.