The Governor of Delta State, Dr. Ifeanyi Okowa, has commenced moves to pull the state government out from its current abysmal 636 billion Naira (about $3.180 million) indebtedness in the face of the country’s economic challenges.

While addressing members of the State House of Assembly in Asaba on the financial status of the State, Governor Okowa said that it became necessary to let the lawmakers know the state of affairs in order to put the Legislature on the same page with the Executive.

The Governor told the House that the 2015 budget of 409 billion Naira presented by the Emmanuel Uduaghan administration had to be reviewed because it was no longer realistic, considering the current realities.

Giving a breakdown of the state’s indebtedness, Governor Okowa hinted that the Federal Allocation had dipped significantly, dipping to just 8.03 billion Naira, as received in May 2015, from a high of over 20 billion Naira in previous years.

He said the state was currently grappling with a revenue bond and indebtedness to commercial banks totalling 98.62 billion Naira (principal sum), while outstanding contractual obligation was 538.6 billion Naira.

Being Governor Okowa’s first time appearance to the chambers of the 6th Delta State House of Assembly, the members were keen to listen to his analysis.

Governor Okowa stressed that the Legislature and the Executive must be ready to make the necessary sacrifices to reduce the cost of governance to put the state on the path of economic recovery.

Some members of the state Assembly commended the efforts of the Governor.