The Imo State chapter of the Peoples Democratic Party and the All Progressives Grand Alliance have criticised the state House of Assembly for approving Governor Hope Uzodinma’s loan request.
The Speaker, Paul Emezim, had during plenary on Tuesday, announced that the loan request by the executive was approved by the legislature in an executive session.
Emezim, had explained at the plenary that the lawmakers gave nod for the loan approval on the condition that for the state government to discount the 13 percent derivative find accruable to the state from the excess crude account from Fidelity Bank.
He explained that the interest rate for the facility would be seven per cent per annum. According to him, the loan is payable within 36 months.
Reacting to the development, the state Publicity Sectary of the PDP, Ogubundu Nwadike, accused the lawmakers of helping the governor “to borrow the future of the state.”
Also, the State Caretaker Committee Chairman of APGA, John Iwuala, while speaking on the same subject said, “What are we borrowing for. Why didn’t the lawmakers ask what are the projects that would be executed with the loan.
“Why are we borrowing money when the governor told us that he has increased the state Internally Generated Revenue to N2bn monthly? That means he has realised N24bn in one year, only on IGR.”
Responding, the Senior Special Assistant to the governor on Print Media, Modestus Nwamkpa, said that the loan was in the best interest of the state.
He also advised the PDP to stop crying, saying, “I advise the PDP to stop crying. The governor had since settled down for governance. PDP members are still behaving as if there is an election period. The PDP administration led by Emeka Ihedioha borrowed billions just to procure vehicles for the lawmakers at the Imo state House of Assembly.