Lagos - The People's Democratic Party has raised alarm over a $280 million loan purportedly secured by Rivers State Governor, Rotimi Amaechi from the African Development Bank (AfDB) and World Bank.
Amaechi was reported to have sent a letter of approval to some members of the State House of Assembly for a loan of US$80 million and US$200 million from AfDB and the World Bank respectively, purportedly for water supply and sanitation projects.
PDP's Rivers State Chapter described the loan as "a plot to mortgage the state and enslave the Rivers people forever."
PDP regretted the far-reaching consequences of such loans despite the huge resources of the state from internally generated revenue and federal allocations.
"There cannot be any other reason for these incessant loans by an outgoing governor than to punish the incoming administration and the State in particular," PDP stated.
The ruling party demanded to know how the US$100 million also allegedly approved by same "rubber stamp lawmakers" for Amaechi about three months ago for the same purpose.
The PDP enjoined the approving Federal Ministry of Finance, the state lawmakers as well as the AfDB and World Bank not to honour the loan requests.
The PDP regretted that the latest loan of US$280 million, which has a 22 years repayment period, would be used to fund Amaechi’s 2015 election and the APC activities.
- CAJ News