Gov. Amaechi Explains Why Bond Was Converted To Loan

The desire of the Rivers Government? to complete on-going projects informed its decision to convert a N100 billion bond to loan, Gov. Chibuike Amaechi said in Port Harcourt on Friday.

Amaechi made the clarification? shortly after signing into law the state budget? of N490.3 billion and the state’s internal revenue bill into laws.

He said the executive? asked the legislature to convert the already approved N100 billion bond to loan to complete projects before the rainy season.

The governor commended the legislators for passing the appropriation bill and promised that the executive would commence its implementing immediately.

“I have always told my cabinet that we must go by our budget; nobody should spend outside the budget.

“There should not be any extra budgetary expenditure because I will not approve it.

“I like to know that every expenditure is backed by the budget. Nobody should undermine the authority of the State Assembly,’’ he said.

Amaechi promised that funds from the budget would be attached to projects.

“I will ensure you get copies of the projects so that you can do your oversight function.

“Ask commissioners what are they doing with the money and I can tell you how the loan will be spent,’’ the governor said.

He said that N40 billion would be allocated to the Ministry of Works and? N20 billion? to the Ministry of Education to complete primary and secondary school buildings

?“I have given the commissioner for Education a directive to complete seven secondary schools by September,” he said.

He said that the building of model secondary schools would be completed gradually as the state received allocation from the Federation Account.