RSG’s Bill On Loans Before RVHA

A bill seeking to empower government raise loans through the issuance of bonds, notes and other debts securities presented by the Rivers State Governor is now at public hearing stage.

The House Committee Chairman on Finance, Hon. Olu Josiah John, member representing Eleme Constituency who thanked the Governor for his kind gesture, noted that the aim of the bill was to help government finance various projects going on in the state, such as building of the new University of Science and Technology  (UST) site, Port Harcourt/Obio Akpor water scheme, UPTH, Ada-George Road, central sewage system in Port Harcourt, and the high-way from Airport to Eleme.

The Commissioner for Finance, Mr. Peterside Chamberline said the purpose of raising bonds is to enable the Governor complete the on-going projects in time.

He emphasized that the bill would empower the executive to carry out their oversight function, adding that this is the first time the State is embarking on such a venture.

Also speaking, Hon. Levi Gogo Charles, Commissioner for Budget and Economic Planning stated that the purpose of the bill is not to mortgage the lives of the people of the State rather the State is moving with its agenda to provide good road network, Hospitals and Schools for its citizens.

According to him, it would help the State to ensure that debt and projects are not abandoned and proper records kept.

Earlier, the Director legal and Enforcement of the board of the Internal Revenue, Sir Isaac K. Onyekwere commended the executive over the bill, stating that the board is in total support of it, because the level of development in the state is an evidence of good leadership.

He urged the State Governor to restructure the board of internal Revenue for efficiency and accountability.

In his speech, the representative of the Attorney-General and Commissioner for Justice, Mr. Prepalibo A. Briggs, pointed out that the essence of the bill is to put a legal framework that would assist the State to move forward.

He said, the bill contains checks and balances because there is provision for division of labour, and it would help to regulate the movement of fund in the State.