Rivers State Is Undeniably Bankrupt – PDP

Worried over the continued financial recklessness and wrong policies of Gov. Rotimi Amaechi and his aides, the Peoples Democratic Party, PDP, Rivers State chapter, expresses fears over the future of the State.

The PDP particularly notes that the claims by the State Commissioner of Finance, Peterside Chamberlain, that the State pays back up to N11 billion monthly to banks to service short-term loans collected by the Amaechi's administration is alarming, as such financial development, which is a product of their financial wildness, has rendered the State bankrupt, thereby laying rough foundation for the incoming government in the State.

The Party is further disturbed that if to repay the short-term loans stresses the financial base of the State as explained by Amaechi's aide, what would be the situation in the event of paying off the series of massive long-term loans collected by governor Amaechi in sleek alliance with his Assemblymen.

The PDP says it is also galled in the first place on why the government had to access such monumental loan facilities, when there are enough sources of revenue to the State, including the unimpeded huge monthly allocations from the Federal Government and Shares in banks and multinational companies, as well as other international aids and interventionist programs by world bodies and donor organizations.

It is an undeniable fact that the present financial predicament of the State, as admitted by the Finance Commissioner, was avoidable especially when the development efforts, public facilities and the condition of the people of the State do not confirm the apt utilization of such State resources as well as the huge expenses claimed by the government, stressing that the enormous internally generated revenues and allocation collected by the government during the period do not translate into the development on ground in the State, believing that the Governor and officials of his government misappropriated the funds meant for real development and empowerment of the people.

No doubt, the misappropriation of funds, including wrong budgetary appropriation by Governor Amaechi and his Commissioners is also responsible for the number of projects that have been abandoned and now litter the State.

While assuring that it will not cease in its effort to prevent the imminent financial doom after Amaechi had left office in the State, the Party therefore, calls on the people of the State and relevant anti graft agencies to act fast to save the State from total collapse.

Signed:

Jerry Needam
Special Adviser, on Media to
State PDP Chairman, Bro. Felix Obuah
Saturday, September 27, 2014.