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Rivers State Government is not indebted to any bank in Nigeria – Nsirim

Contrary to the falsehood being peddled by the Debt Management Office through Media Detractors that Rivers State Government is highly indebted, the Rivers State Government has declared that the administration of Governor Nyesom Ezenwo Wike is not indebted to any Bank in Nigeria.

Addressing journalists at the Government House Port Harcourt on Monday, Permanent Secretary, Ministry of Information, Mr Paulinus Nsirim said: “This misinformation is another attempt by detractors to malign the integrity of the present administration in the state which has since its inception in May, 2015 shown utmost frugality in the management of State resources.

“This appears to be another orchestrated plan to demarket the State through unconfirmed statistics since other forms of negative propaganda had failed. “That with a healthy monthly internally Generated Revenue profile of at least N8 billion, the State does not resort to reckless borrowing that will make her run into debts. “That as a matter of deliberate policy, the present administration in Rivers State desirous to leave behind a worthy legacy does not embark on white elephant projects that will require bogus financial obligations”.

The Rivers State Government stated that it operates accounts with only Zenith and Access Banks, noting that it has repaid all loans obtained. FG Sukuk bond oversubscribed, receives N132bn for N100bn offer(Opens in a new browser tab) The Rivers State Government noted: “That the State Government inherited a Commercial Bank loan of N15,845,118,108.44 in 2015 which had been liquidated. “That all loans taken by this administration for the infrastructural development of the State from Zenith and Access Banks had been liquidated too.

“That the issues of debts owed to contractors, pension arrears etc that the Debt Management Office used to stigmatize the State are Recurrent and Capital Expenditures which payments are ongoing. Level of liquidity may be responsible for dwindling bonds subscription- DMO(Opens in a new browser tab) That the Federal Government’s Intervention loans approved for every state of the Federation has a repayment plan that is spread over many years. Rivers State Government has not defaulted on the repayment plan.

“That we do not know where purveyors of this concocted information got their facts before they went to the press to misinform the general public”.   The Rivers State Government emphasised that the Wike Administration has has been prudent in the management of scarce State resources backed by a healthy monthly Internally Generated Revenue Revenue. The Rivers State Government Said: ” That since 2015 till now, His Excellency through awell-articulated fiduciary template has made governance better than how he met it.

“That unlike previous administrations that left behind huge debt profiles, the present administration will not mortgage the future ofthe state in any way. “That journalists and media houses should adhere to the dictum, “Facts Are Sacred” by always cross-checking their facts before publication.

That the Rivers state Government under the visionary leadership of His Excellency will not be distracted by any form of yellow journalism but will remain focused to fulfill the social contract with the people”. The Rivers State Government urged well meaning Nigerians to disregard the falsehood being peddled by anti-Rivers political forces.

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