Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


PDP unhappy about Amaechi's $280m loan

08 July 2014, 07:41Henry Ifeanyi

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


Read News24’s Comments Policy

Comment on this story
Comments have been closed for this article.

Read more from our Users

Nigeria @ 56: Words to my green f...

A leader’s job is not to dictate, but rather to be respected, admired and be a trustee, of the land we love, with so much potential, a land which should be freer than free. Its still a long way to fufilling our destiny! Read more...

Submitted by
Isaac Asabor263
Recession: An opportunity for Nig...

The recession should be seen as an opportunity for the country’s promotion as long as we all collectively conduct ourselves in a patriotic manner, writes Isaac Asabor.  Read more...

Submitted by
Black and White

We want to imitate the whites in everything because we are ignorant of our inherent originality and content. We spend all our Naira to acquire his inventions because we so oblivious of our natural endowments that we allow him have it for free. Read more...

Submitted by
Nate Nat
Adamawa State University Mubi: A ...

ADSU integrity forum has accused the Sunday Joshua Wugira, a lawyer, of adopting unorthodox tactics by abusing his privilege by attacking the integrity of ADSU Vice Chancellor Dr. Moses Zira Zaruwa, writes a News24 reader. Read more...

Submitted by
Abdulsalam Jubril
My Country Nigeria (Part One)

Poetry by Abdulsalam Jubril.

Submitted by
Abdulsalam Jubril
Recession, dearth in leadership a...

Every leader has the opportunity to become great and making himself immortal in the lives and hearts of people for generations to come. Will Mr. President seize this opportunity?, questions Abdulsalam Jubril. Read more...