Owerri – The outgoing Governor of Imo, Chief Ikedi Ohakim, on Friday officially handed over to his successor and governor-elect, Chief Rochas Okorocha, two days ahead of schedule.

Ohakim of PDP lost to Okorocha of APGA in the general elections in April.

Speaking at the handover ceremony, which took place at the Executive Council Chambers, Government House, Owerri, Ohakim said that the state under his administration did not owe.

He explained that the state had a debit balance of N6 billion and a credit balance of N17.7 million in eight different banks operated by his administration.

He also threw more light on the N40 billion bond obtained by his administration in June 2009, saying that it only drew N18.5 billion, while N13 billion was still unused.

“It is worthy to note that as at April 2011, Imo State has serviced her obligations to the investors to that bond for the first tranche to the tune of N10.1billion,” he said.

“I want to state here that this administration engineered an ingenious system of financing our projects.

“We have not borrowed to the extent that children unborn will not be able to pay as many people say.

“Today, if all things are put together, Imo State is on credit. What we have done in this state is to run a lean government, pledge our income of average of N2 billion per month to be able to give contracts and continue to move.”

Ohakim also explained that his administration received N997 million in 2009 and over N4 billion between 2010 and N2011 from the foreign debt reconciliations and Paris Club creditors.

He said that the state internally generated revenue increased 200 per cent from N160 million per month in 2007 to N48.1 million by 2011 through the re-engineering of the revenue collection mechanism and plugging all the loopholes.

Ohakim said that the state was entitled to a refund of N4 billion from the Federal Government on account of the rural electrification project executed by the state.

He also said the state expected a refund of  N2.8 billion from the Niger Delta Development Commission for its road projects financed by the state government.

Ohakim said that the state was yet to collect its 60 million dollars grant from the UN systems as award for Good Governance and Due Process in addition to N100 million Federal Government’s award to the state for its excellent performance on Millennium Development Goals.

He also listed the achievements of the administration in the areas of agriculture, commerce and industry, Lands and Survey as well as public utilities.

In his acceptance speech, Okorocha restated his commitment to transform the state, saying that he was on a rescue mission to the state and had  a short period of time to stay.

He commended Ohakim for some of his laudable projects, especially his “Clean-and-Green Initiative” and promised to sustain some of the programmes and projects.

“What is important is Imo people and Imo development. The missing thing here about this handover, which is not quite clear, is that the governor handed over papers without the money.

“I listened with keen interest your efforts. We shall carry on with the projects that are worthwhile. I want to commend you for some of the good steps.”

Commenting on the handing-over, Senate Deputy President Ike Ekweremadu said: “Today is Friday. It is the last working day of his administration.

“I believe it is good for our democracy to have a smooth handover.

“I hope he will have the time to be at the swearing-in.”  (NAN)