The Rivers State House of Assembly on Monday approved a loan of $280m requested by the state Governor, Chibuike Amaechi, for water supply and sanitation in Port Harcourt, the state capital.

Members of the House, who also instructed that the State Commissioner for Water Resources, Patricia Simon-Hart, to appear before them on the next sitting, said $80m would be accessed from the World Bank while the sum of $200m would be sourced from the African Development Bank.

It will be recalled that Amaechi had last month written to the House to approve the loan from the two banks.

The letter, addressed to the Speaker of the State House of Assembly, Mr. Otelemaba Dan-Amachree, read, “It may interest you to note that the Rivers State Government has successfully obtained approval from the Boards of the African Development Bank and the World Bank respectively for the Port Harcourt water supply and sanitation project.

“The purpose of the project is to provide sustainable and safe access to clean and hygienic drinking water and sanitation in the city of Port Harcourt. The project, which is being taken by the Federal Ministry of Finance, for un-lending to Rivers State is to enable the state government to commence the project at the earliest possible time.”

The loan will be paid back through 22 years with an initial three percent interest. It was also gathered that the first eight years would be interest-free.

Speaking on the executive request, the lawmaker representing Etche Constituency II, Mr. Golden Chioma, described $280m loan as a huge amount that would attract only three percent interest

http://www.punchng.com/news/rivers-assembly-okays-280m-loan-for-water-sanitation/

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They take nternational loans
Embezzle the money
Abandon the project midway


And when they cant pay back,it becomes the responsbility of the Federal Government to pay it thereby pulling the already messed up Nigerian economy into more mess just to fill there pockets.

I just hope the money is used judiciously which i doubt.

U.

Shuooooo.

This south south mad dog will not kill rivers people.

OK. Let's see how this goes.

.NET

i tot gov. amaechi said he's saving #1b every month for RIVERS PEOPLE why is he borrowing again ?
gov. amaechi should stop incurring debts for incoming govt. and he must account for it.

Chai, there is God o.

Why do I smell "MONEY SHARING"

He is planning for life after office

Gigantic White Elephant sighted!

Rush hour project

MAKE I DEY OBSERVE..

çlāįmįŋg ţђęįŗ įş ā ŋęw plāŋ ƒoŗ ųş...

ţђęįŗ'ş ŋo lįgђţ, ђow āŗę ţђęy goŋā şђow ųş...

Cant wait to be part of d construction team. Skypond here we come

Election campaign funds format

Don't really care about this looting scheme, all i want is my allowee. please amechi pay us our allowee and pay the teachers their 8 months salary, you can delay the others cos your debt is really huge...

APC don hammer...OK oo!! …no problem!!! Continue!!!! na only amaechi waka come?

Some people are about get richer again

otino: Cant wait to be part of d construction team. Skypond here we come

This is the kind of mentality that kills us all!...smh

Do we now import water?

River State Ndoh nu, Egwula unu wayo anya ocha

hope it will be properly used

Na so every govt for Nigeria dey carry loan, even my own LGA dey go borrow money.

As for this one, make una 4get am highest tin dem go do na build few taps, put am gen, build dat small hut and put protector. Na so d whole moni go kari go.

Am sorry, River state pple, na una pikin dem go suffer pay dat loan, loan wey dem no knw hw few thieves take carry chop am.

all these money they are sharing in rivers state