Rivers State Government To Borrow $280m

The Rivers State Government understand the leadership of Governor Rotimi Amaechi has submitted a proposal to the Rivers State House of Assembly on a request to borrow the sum of $280m over 43billion naira. The said money according to the governor is to provide portable water supply to the whole Rivers State as well as for Sanitation.
LNN gathered that the house of Assembly has approved of the proposal but requested the presence of the Hon. Commissioner for water resources to appear before it to give detail on how this loan would be used effectively.
The said load is to be gotten from World Bank and West African Development Bank. $200m is to be gotten from WAD Bank while $80m is to be gotten from World Bank.
The leader of the Anti Governor Amaechi in the Rivers State House of Assembly Hon. Evans Bipi has wondered why a governor who has less than a year to leave office would go about borrowing such amount of money. Hon. Evans accused the governor of borrowing such amount of money to support his political ambition and the APC come 2015 and has warned the Federal government and both the World Bank and the West African Development Bank to desist from doing business with the governor.
Similarly, the PDP in Rivers State under the chairmanship of Obua Felix has condemned in strong terms the move by the governor and the RHA to borrow the sum of $280m from world Bank. The media aid to the chairman Jerry Needam accused the governor of making the state a debtor state saying the governor is yet to pay the 80b naira he borrowed three months ago. He therefore calls on the people of Rivers State to rise and resist this unwarranted borrowing by the governor.
Meanwhile, the said loan is to be repaid in 22years which will attract 3% interest after the first 8years as grace.