Rivers seeks another N50bn bond to fast-track projects

Rivers State Governor Chibuike Rotimi Amaechi has made a request from the House of Assembly for another N50 billion as part of a loan tranche.

The letter to this effect was read on Tuesday on the floor of the House by Otelemaba Dan Amachree, the speaker.

Members raised eyebrows over new loans but were told that it was part of the ones already approved in the 2014 budget.

The governor in the letter talked about the need to move projects forward.

The administration has been active in the loan market since it got an approval from the House for N250 billion bond. Bridging loans and other short term loans have been the order of the day.