Fubara Responds to Allegations of Increasing Rivers State Debt from $80M to $203M

Rivers State Governor Sim Fubara has refuted claims that his administration increased the state’s external debt from $80 million in 2023 to $203 million by June 2024....CONTINUE READING>>>

Speaking at the inauguration of the 11.8-kilometer Okehi-Umuola-Eberi Link Road in Etche Local Government Area, Fubara firmly denied borrowing funds for projects, except for a widely known loan dedicated to the Ring Road project. He challenged critics, including the Debt Management Office (DMO), to provide evidence of any additional loans taken under his administration.

“I stand to be challenged; this administration has not borrowed to execute projects. The only money we borrowed was the one we used for the Ring Road project, and everybody is aware of it,” Fubara declared.

Sources close to the government clarified that the loans in question were allegedly taken by the previous administration for a water project but were only recently reflected on the DMO website.

Fubara further emphasized his administration’s focus on delivering impactful infrastructure and social services, despite alleged efforts by detractors to disrupt state funding. He announced plans to showcase significant projects over the next 14 days, aiming to transform the socio-economic status of benefiting communities.