The Action Congress of Nigeria (ACN), Rivers State chapter says it has been justified by the position of the senate of the Federal Republic of Nigeria on the state of the economy of Rivers State, as a case in point under the leadership of Rivers State, Governor Chibuike Rotimi Amaechi.
In a statement signed by the Publicity Secretary of the party, Jerry Needam, the ACN noted that senate’s apprehension that as many as 27 of the 36 states of the federation will soon sink into deep bankruptcy has only confirmed the party’s earlier fears that the Rivers State government was broke and leading the state into huge debts by the desperate moves it was making to raise long-term loans from the capital market.
The ACN in the state commended senators of the Federal Republic of Nigeria for their pro-active interest in the economy of the states of the federation and welfare of Nigerians across the 36 states, urging the senate to take the good job one step further and investigate the accounts of Rivers State.
The ACN also enjoined the Economic and Financial Crimes Commission (EFCC) to step into the picture and investigate the accounts of Rivers State to ascertain the economic health of the state and ensure its financial freedom under the current administration.
The party said the call became imperative given the fact that Rivers State is one of the highest recipients of federal allocations, with capacity for huge internally generated revenue, but still ranks foremost on the debt scale by periodically seeking to raise billions of naira in bonds at the capital market.
The party held that it would be most incomprehensible that Rivers State, with the wealth of resources that abound in it and the huge allocations it receives from the federation account and 13 percent derivation funds will still have need for loans from the capital market above all other states if it is not hopelessly bankrupt.
Jerry Needam, JP
Publicity Secretary
Action Congress of Nigeria
Rivers State.
Friday, October 28, 2011
