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Gov. Wike Borrows Another N10 Billion As Rivers State Debt Rises

The Rivers state house of assembly has approved the request made by Governor Nyesom Wike to secure another loan of N10 billion naira from the country's excess crude account.

According to the speaker of the Rivers state house of assembly Mr. Dabotoru Dima, he said the decision to seek the loan from the excess crude account was in line with the advice of the federal government for sake to explore the reserve fund on low interest. The loan has also been spread for a period of 20years.

Meanwhile, This has added to the N30 billion earlier borrowed by this administration in two trenches under a short period of time, totalling the amount borrowed so far into a whopping sum of N40 billion in less than a year.

Reacting to the recent borrowing by the Rivers state government. Some Political analysts have been wondering why the governor, who has stayed barely a year in office have embarked on such a huge borrowing spree.

Govs are stealing state resources –Martins I. Ogolo

Peeved with the development Comrade. Martins I. Ogolo, in an interview with Newscrystal.com accused governor Wike of corruption, saying: “The state is accumulating debt because the people in government are stealing money and that is why they are unable to pay salaries because they are stealing. The biggest thieves are the governors.”

Fiscal policy

He went further: “Rivers state gets billions of naira allocation every month and yet there is nothing to show for it as majority of people in government lack honour and accountability.”

We have a reckless Government – Eric Tamunotonye Daminabo

Also speaking, A social commentator, Comrade. Eric Tamunotonye Daminabo, blamed the quantum of borrowing on the fiscal policy of the government that has aided corruption in the state.

His words: “It is very sad that the government has to borrow such amount again in the name of services and infrastructure that will not be rendered. This government is overwhelmingly corrupt and reckless, the Governor has successfully pocketed the state Houses of Assembly members. So the check and balances that are supposed to take place are not existing at all and that is why we have come to the level of borrowing money anyhow whether he has the capacity to pay back or not."