AKANIMO SAMPSON in Port Harcourt chronicles the moves by Governor Chibuike Rotimi Amaechi to secure N250billion bond and the implications for socio-economic and political development of the riverine state.

PORTHARCOURT INTERNATIONAL HOTEL AND TOWERS

The Rivers State Government is emboldened to press ahead with securing N250 billion Bond as the only way out of the current financial uncertainty plaguing the country. Governor Chibuike Amaechi seems to be passionate about it as he sees it as the magic wand his administration needs to ensure that no project is left uncompleted at the expiration of his tenure in 2015.

At an interactive session with the media last week at the Government House, Port Harcourt, the governor insisted that he will press ahead with the controversial bond.

Now, the state House of Assembly is set to conduct a public hearing into the merits and demerits of the bond. While the opposition is scared that the bond will exert an unbearable debt burden on the state, Governor Amaechi is busy claiming that he will repay to the last kobo before leaving office on May 29, 2015.

The renewed push for the bond is however, coming following the previous Thursday (October 28), claim by the Senate that some states are in financial distress, some critical, some unhealthy and others tolerable or healthy.

States in the distressed category, according to the upper chamber of Nigeria's bicameral legislature, are Kano, Sokoto, Niger, Zamfara, Katsina and Osun, while Ekiti, Plateau, Benue, Edo, Borno, Adamawa, Cross River, Enugu, Taraba, Ogun, Kogi, Yobe, Ebonyi, Ondo and Kaduna are in critical conditions. Bauchi, Bayelsa, Nasarawa, Gombe, Rivers and Oyo were classifed as unhealthy.

States under tolerable situation are Imo, Kwara, Lagos, Kebbi and Delta, while Abia, Akwa Ibom, Anambra and Jigawa states were said to be healthy.

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Hmm I hope this borrow borrow mentality will not ruin the economy of some states, How does Amaechi intend to repay all these loans within 4 years? His first tenure in office was amazing but i think he is a bit slow at the moment,
Also, what is the need for another government owned hotel in PHC when they already have the Airport Hotel and Hotel Presidential? Why cant this man invest in tourism in Rivers State?
Dont get me wrong I like this governor he is doing wonders here I am a witness unlike those that stay in their different states and say what they dont know. But I dont support borrowing of too much loan it can backfire if not properly used,

lol @ don't want to leave uncompleted projects. But will sure leave behind a whole lot of debt.

What happened to the money budgeted and awarded for the so called projects? It's called double dipping and fleecing.