Ex-Governor Okowa’s Strategic Decision Secures N150bn Subsidy Refund for Delta State
LAGOS NOVEMBER 3RD (NEWSRANGERS)-In a testament to his prudence, foresight, and selflessness, ex-Governor Ifeanyi Okowa’s administration has once again demonstrated its commitment to Delta State’s financial stability. On October 30th, 2024, the state received a substantial N150 billion subsidy refund, a direct result of Okowa’s strategic financial decisions during his tenure.
Towards the end of Okowa’s administration, allegations surfaced, accusing him of misappropriating the Federal Government’s 13% Oil Derivation Subsidy/SURE-P refunds owed to the nine oil-producing states for two years preceding the payment. However, these claims have been proven baseless.
Under President Buhari’s administration, the Federal Government approved a bridging finance scheme to be disbursed in tranches. Governors had two options: either receive the full amount or a discounted sum through bank loans, or allow phased releases over time. Unlike some of his counterparts who opted for immediate lump sums, Governor Okowa chose to discount a portion for contractor payments while reserving a significant balance for the incoming administration. This decision ensured a financial cushion for his successor, countering claims that he left the state’s coffers empty.
This prudent approach led to an earlier remittance of N60 billion to the current administration, and now an additional N150 billion, bringing the total to N210 billion. Importantly, these funds are separate from the monthly FAAC allocations.
The narrative that Okowa left the state financially drained is thus unfounded. His administration not only prioritized immediate financial responsibilities but also ensured a stable foundation for the incoming government. This thoughtful planning contrasts sharply with the near-empty treasury he inherited due to declining oil revenues during his first term.
Governor Okowa’s legacy of financial foresight and integrity continues to benefit Delta State, setting a standard for responsible governance and long-term planning.
Enivwenaye Festus
Public Affairs Analyst
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Posted by News Rangers
on Nov 3 2024. Filed under Features, National, State.
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