The two major opposition political parties the People’s Democratic Party and the All Progressives Grand Alliance in the state have berated the state Assembly for approving N9 Billion loan request of Governor Hope Uzodimma.
The opposition parties accused the state lawmakers of assisting Governor Hope Uzodimma of mortgaging the future of the state through the accumulation of debts.
he Imo state lawmakers had during their plenary session on Tuesday approved N 9 Billion loan request by Governor Hope Uzodimma.
The Speaker of the House of Assembly Paul Emezim, had explained at the plenary that the lawmakers gave their for the loan approval on the condition that for the state government to discount the 13 percent derivative fund accruable to the state from the excess crude account from Fidelity Bank plc.
He further disclosed that the interest rate for the facility would be seven perfect, per annum.
According to him, the loan is payable in a period of 36 months.
The loan request approval was the only item the lawmakers attended to as the speaker quickly adjourned the session till February 17, sighting the on going All Progressives Congress revalidation exercise.
However, reacting to the development, the Spokesman of the Peoples Democratic Party Hon. Ogubundu Nwadike, said that the governor was mortgaging the state through accumulation of debts.
Nwadike also accused the lawmakers of helping the Governor Hope Uzodimma ” to borrow the future of the state.”
He said that the only thing that this Uzodimma’s is expert on, is in borrowing”.
Nwadike also said that the state government has been over taxing the residents of the state without any corresponding services.
Also, John Iwuala ,the state Care committee chairman of All Progressives Grand Alliance pointed out that the latest loan loan approval for the state government by the state lawmakers was unnecessary.
Iwuala 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 when the governor told us that he has increased the state Internally Generated Revenue to N2b, monthly. That means he has realised N24b in one year, only on IGR.”