Now, this is quite a record, with this loan approval, it makes it N60 billion that Wike has borrowed in just less than a year, and this not just any state but Rivers state, one of Nigeria’s richest states. I just pray he doesn’t run the state down before his tenure is up.
The Rivers State House of Assembly Friday passed a resolution authorizing the state Governor, Chief Nyesom Wike, to obtain a N10 billion loan from the Excess Crude Account (ECA).
The approval came as a result of a letter to the assembly by the governor.
Wike had said in the letter dated April 5, 2016, that the loan would be used to fund some development projects in the state.
The letter read in part: “You are aware of the huge infrastructure development challenge and our efforts to address the situation. Since we came on board, we have not only remobilised all contractors handling major road sites, but have also awarded new contracts for the construction and reconstruction of new roads and other projects.”