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Edo state Governor, Adams Oshiomhole is angry with Ngozi Okonjo, former minister of finance because she refused to allow him get a loan few months to the 2015 elections and went ahead to publish what his state got from from the Excess Crude account between 2011-2014.
The recent spate of allegations against the immediate past Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, by the Edo State Governor Adams Oshiomhole may not be unconnected to the refusal by the former to grant loan requests by the governor to pursue financial obligations, which the then minister considered inimical to the interest of Edo State, it has been revealed.
Documents unearthed by THISDAY from sources in the Debt Management Office (DMO) showed that the Edo State governor had in a letter dated December 9, 2014 requested a “No Objection” for facilities totalling N15.37 billion, which were turned down by DMO and the minister.
A breakdown of the loans showed that the Edo State Government asked for a "No Objection" for a N13.2 billion term loan from Ecobank Plc to enable the state government meet its payment obligations to contractors; a N1.03 billion term loan from Fidelity Bank Plc to meet the Edo government’s State Universal Basic Education (SUBEB) 50 per cent counterpart funding obligations; and yet another N1.14 billion term loan from Ecobank Plc to meet the state’s 50 per cent counterpart funding obligations to SUBEB.
However, investigations revealed that all the loan requests were turned down by the Ministry of Finance under Okonjo-Iweala following the assessment and guidance provided by DMO, which observed that the loans would be inappropriate and ran contrary to the existing guidelines.
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SOURCE: THIS DAY
The recent spate of allegations against the immediate past Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, by the Edo State Governor Adams Oshiomhole may not be unconnected to the refusal by the former to grant loan requests by the governor to pursue financial obligations, which the then minister considered inimical to the interest of Edo State, it has been revealed.
Documents unearthed by THISDAY from sources in the Debt Management Office (DMO) showed that the Edo State governor had in a letter dated December 9, 2014 requested a “No Objection” for facilities totalling N15.37 billion, which were turned down by DMO and the minister.
A breakdown of the loans showed that the Edo State Government asked for a "No Objection" for a N13.2 billion term loan from Ecobank Plc to enable the state government meet its payment obligations to contractors; a N1.03 billion term loan from Fidelity Bank Plc to meet the Edo government’s State Universal Basic Education (SUBEB) 50 per cent counterpart funding obligations; and yet another N1.14 billion term loan from Ecobank Plc to meet the state’s 50 per cent counterpart funding obligations to SUBEB.
However, investigations revealed that all the loan requests were turned down by the Ministry of Finance under Okonjo-Iweala following the assessment and guidance provided by DMO, which observed that the loans would be inappropriate and ran contrary to the existing guidelines.
Click here to read more
SOURCE: THIS DAY
