N120b Loan: ACN Queries Amaechi’s Penchant For Borrowing The Rivers state chapter of the Action Congress of Nigeria (ACN) has condemned Gov Chibuike Amaechi’s penchant for plunging the state into a debtor state by always resorting to external sources for funds needed for government projects. The party in a statement signed by its publicity secretary, noted with dismay that while the federal government is making frantic efforts to disentangle itself from accumulated debts over the years which constituted a cog in the wheel of the nation’s economic development, Amaechi continues to delight in the outdated and ignoble policy. The party said it was yet to come to terms with Amaechi’s logic of preferring external loans to the billions of naira accruing to the state from the federal allocations and internally generated revenue in addressing his capital projects. We see no reason for the loans at all considering the amount of money that he receives monthly. If accessing external loans is the best option, why have other states much poorer than Rivers State not rushed to the capital market for such loans. “Whichever way you look at it, it is better to confine yourself to what you have to create what you need,” ACN stated. It posited that the only rationale behind this penchant for loans is the opportunity it provides for the exponents to benefit from it and cannot be doing so in the interest of Rivers people. Between 2008 and 2013, Gov Chibuike Amaechi has collected loans well over N500b billion, mortgaging the future of the state, the party lamented. The ACN argued further that no nation has ever lived on loans and survived it. The best that could be achieved is to leave a haunting financial burden for the incoming administration, the party noted. The ACN further took a swipe on the State House of Assembly for being a willing tool for the approval of this slavery, describing them as equally hoodwinked. If the previous loans were taken for completion of projects and other infrastructure that is always given as the reason, what is the reason for the N120bâ€, Jerry Needam queried.