Rivers APC: Wike Plans To Borrow N100b From Banks

imageThe Rivers State All Progressives Congress (APC) has said Governor Nyesom Wike is planning to borrow N100 billion.
The governor has borrowed N30 billion – in two tranches of N10 billion and N20 billion – within three weeks.
APC said Wike, a former Minister of State for Education and Chief of Staff to former Governor Rotimi Amaechi, intended to obtain the loans in tranches of N10 billion, N20 billion, N30 billion and N40 billion, within two months.
In a statement yesterday in Port Harcourt, the state capital, by its Publicity Secretary Chris Finebone, State Chairman Davies Ikanya accused Wike of planning to plunge Rivers in a deep debt and economic servitude.
On June 11, the House of Assembly gave Wike the nod to borrow N10 billion from Zenith Bank Plc to fund major projects.
On June 30, 31 of the 32 lawmakers in the Assembly, comprising 31 Peoples Democratic Party (PDP) members and one APC, again approved the governor’s request to borrow N20 billion from Access Bank Plc.
Wike said the N20 billion would be repaid with Internally Generated Revenue (IGR).
The governor claimed that the new loan would be used to finance road projects, including Rumueprikom-Iwofe, Abuloma-Woji, Elelenwo-Akpajo, Oroigwe-Igwuruta and Igwuruta-Chokocho roads and the fencing of Government Girls’ Secondary School at Rumuokwuta, Port Harcourt.
APC said: “In the past two weeks, Wike sought and got the approval of …House of Assembly to obtain N10 billion and N20 billion loans from Zenith Bank Plc and Access Bank Plc.
“We have confirmed that next week, Wike will approach Heritage and Eco banks to borrow another N30 billion. He has already instructed his boys in the House of Assembly to prepare the ground. This will bring the total amount of loans obtained by the embattled governor to N60 billion, in less than 45 days as governor. Cry, our beloved Rivers State. Blood has been spilled in the ocean and sharks are out.”

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