Gov.Wike Borrows N25Bn To Finance Key Infrastructure In Rivers State
Governor Nyesom Wike is to borrow the sum of N25Billion to finance key infrastructure in the State.
This follows the granting of an approval to secure the N25Bn Loan by the Rivers State Executive Council.
Politics Hub Nigeria reports that the loan will be used to finance infrastructure including the construction of the 27km Chokocho-Igbodo Road, Oyigbo-Afam Road, Nabo Graham-Douglas Campus of the Nigerian Law School, the Judicial Institute, New Magistrate Courts and the Rumuokwurusi-Elimgbu Flyover.
It was further gathered that the loan has a repayment period of 18 months and is to be repaid before the end of the Gov. Wike’s administration.
Specifically, the borrowed sum would be deducted from October 2021 to April 2023 at a monthly rate of N1,547,874,350.66 against the State’s Internally Generated Revenue.
Gov.Wike, a strong critic of President Muhammadu Buhari-led APC, had at various times condemned the excessive borrowings by the current Federal Government.