According to Vanguard, Imo state is owing over N60 billion, including the Federal Government’s N26 billion bailout fund, which is expected to be paid back in 20 years.
Governor Okorocha has however sought to borrow N20 billion more backed up by a letter from the states Permanent Secretary for Finance A. M. Daniel-Nwaobisi .
Okorocha had requested “an Irrevocable Standing Payment Order, ISPO, for an amount of N402,957,780.91 monthly for 84 months in respect of a N20 billion ISG (Imo State Government) Bond Issuance Programme” to Finance Uncompleted and New Projects” which the Permanent Secretary had no objections to.
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