Debt Management Office (DMO) report shows that Imo has domestic debt stock of N85bn plus foreign debt of $62.2m as @ 2018 Half Year.
Imo State’s IGR averaged N6.8bn annually.
It receives average of N85bn from Federation Accounts (FAAC)a year.
This puts its consolidated Debt/Gross Revenue @ 292.82%, or 369.65% Debt/Net Revenue. Either way, the journey is long, tough, rough and the future not far from being bleak.
With estimated population of 5 million growing @ 3%p.a, and 60% being youth,
Imo governor-elect, Emeka Ihedioha, should know that the problem at hand is as real.
Interestingly, the in-coming Governor has admitted that “Rebuilding Imo after Okorocha’s misrule a tough job”.
He said rebuilding the state from its current degree of rot under Governor Rochas Okorocha’s alleged misgovernance will not be easy.
He charged those who would make his government immediately he is sworn in on May 29, to roll up their sleeves because they would hit the ground running.
Ihedioha said these at Dukes Aldridge Academy, Turlock Road, Tottenham, London, yesterday, when he addressed Imo indigenes living in the United Kingdom.
He urged members-elect of the House of Assembly to quickly acquaint themselves with the existing rules as he would inundate them with executive bills once the House is inaugurated.
“I know it’s going to be a bit difficult because in the last eight years, our people have been used to misgovernance; we’re used to doing things the wrong way.
“We’ve not been used to getting things done the way they should.
“So, getting us to go back to how things should be won’t be an easy thing. It’ll be a bit difficult; it’ll be challenging but I’m sure we shall prevail.
“I’ve charged the members-elect to get themselves acquainted with the existing rules of the House to understand what the legislature should be, what it’s all about because, from day one, upon their inauguration, I would challenge them with certain executive bills to keep them together cracking,” the governor-elect said.
He regretted that the legislature was practically dead in the state in the past eight years because of Governor Rochas Okorocha’s governance approach that detested separation of power.