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Sunday, 20 April 2014

JONATHAN 'APPROVES' RIVERS' WATER PROJECT LOAN:

JONATHAN 'APPROVES' RIVERS' WATER PROJECT LOAN:

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If you are still wondering why the governor of Rivers state has gone quiet, wonder no more. President Goodluck Jonathan has intervened to ensure Rivers state gets the necessary waiver required to get the nod of the FG to guarantee the World Bank loan. What is worrisome about this development is that the state government has made no statement yet.

The total project cost is about $346 million and the World Bank will be financing the project to the tune of $205million. The Rivers state government is rushing to the capital market for funding via another round of bonds.

Any more noise from the governor of Rivers state in this period will send a negative signal to the already bearish Nigerian capital market, and can easily torpedo the expected fulfilment of the counterpart obligation of the state.

Once again, I think the president has looked beyond politics, despite the innuendos to give his nod. Appreciation must also go to the honourable minister of finance, Dr. Ngozi Okonjo-Iweala her steady hand and focus.

Now, we shift our focus to the flag-off of yet another major project, in a state with chains of projects that are sufficiently solicitous of progress.

As a big advocate of water for all, I welcome this development and wish the AFDB, FG and Rivers state government well.

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