Politics
RSHA And Task Of Debt Management
The Rivers State Government recently obtained a revolving loan of N200bn from banks for project execution in the State, with a plan of repayment through Internally Generated Revenue on an agreed interest rate.
The decision of the State Government is in apparent conformity with the desire of the Rivers State Governor, Rt Hon. Chibuike Amaechi to complete all projects initiated by his administration. In seeking the loan through a request of approval by the State House of Assembly, the Governor explained that it does not imply that Rivers State was broke, rather it became necessary to meet up targets by ensuring that money is not a constraint to speedy delivery of ongoing projects.
In the course of its deliberation and subsequent approvals of the two loan requests, the Rivers State House of Assembly, certified that the internally Generated Revenue, (IGR) profile of the state was buoyant enough to service the loans on agreeable terms. The State lawmakers also consented to the necessity of the loan in view of the “many people oriented project embarked upon by the Governor”. The Assembly therefore gave the governor smooth ride to stave off all distractions through its legislative backing.
Pundits and virulent critics of the Government has however expressed reservation over its decision to obtain the loans, referring to it as “a booby trap for fiscal impropriety and profligacy in the State”.
In the general estimation of analysts, the propensity for loan is a predisposition to mortgaging the economic future of the state to serving of accruing interest of accumulated loans.
Analysts believes that Rivers State by all standard is disposed financially to carry out projects without recourse to borrowing, and as such accuse the State Assembly of a tacit connivance to squander the state resources.
But the Rivers State House of Assembly Stand by its decision and as a follow up is exploiting its legislative will to augment governments decision and to get it appropriately channeled towards accountable governance. Recently the State Assembly initiated a bold move to forestall the looming prospect of a debt burden for the State.
The initiative came at the instance of the leader of the Assembly Hon Chidi Iloyd through a privately sponsored bill, calling for the establishment of a debt management office in the state. The bill referred to as “Rivers State Debt management office (Establishment) bill 2011”, is an initiative of the Emohua born lawmaker to strengthen the Rivers State Government on borrowing and debt management to forestall a crippling debt burden in the State.
Introducing the bill on the floor of the House, Hon Chidi Iloyd, said “the law is to provide for the raising of loans through the issuance of bonds, notes and other debt securities and for connected purposes”.
He said the bill when passed as law; “will serve as a legal framework to guide the government in the raising of bond and loan for pursuance of projects, building of infrastructure for the economic development of the State”.
Reacting to public criticism of the bill, Hon Chidi Iloyd denied allegations that the bill stands to institutionalized profligacy in the spending of public fund, by giving limitless powers to the Governor to Squander the state. Hon Ilyod said the bill was part of the process of consolidating the state revenue based.
The bill had undergone its first and second readings on the floor of the house and it is presently been debated upon by members of the state Assembly.
The bill which has 27 clauses and 28 citations, came under debate on the floor of the House after members gave it proper perusal and digesting it details for proper deliberation.
While the lawmakers appreciated the fact that Government’s decision to borrow, presupposes the fact that there must be proper management of the loan obtained for fiscal propriety in the state, some of them expressed reservation on the workability of the bill.
In his contribution on the floor of the House, Hon Victor Ihunwo representing Port Harcourt constituency III called for the withdrawal of the bill on the grounds that it demerits out-weights it merits. Hon Ihunwo reasoned that beyond creating employment opportunities for Rivers people, “the bill did not include how the debt management will brief the House periodically to avert the temptation of borrowing by subsequent governments. He also argued that the state do not require more borrowing.
Debating on the issue, Hon Golden Chioma kicked against the recommendation that the Rivers State Commissioner for finance should be the head of the debt management office.
He called for an independent chairman for the office arguing that the state commissioner for finance was already saddled with executive functions. He called for fresh nominees to appear before the House for screening for appointment as directors of the debt management office, while the Hon Commissioner for finance, the secretary to the State Government, (SSG) and the Accountant General of the state should serve as members.
Hon Chioma who supported the bill, said it was in line with ‘the federal government act which made provision for the establishment of debt management office” while calling for the domestication of the bill in Rivers State, he said the five years duration of tenure recommended for the directorate should be reduced to four years.
Hon Ikunyi Ibani of Andoni Constituency, supported the bill and stated that “if the government is committed to borrowing it should also have a modified means of repayment.
He thanked the leader for sponsoring the bill and tasked the Assembly on the need for proper monitoring of the loan facilities.
His words: “If the Assembly has power to grant the executive request to borrow it also has the power to regulate the mode of repayment”. Hon Ibani also suggested that the debt management office should be established as a department in the Rivers State Ministry of Finance.
Hon Augustine Ngo of Abua Odual constituency who also supported the bill said it was timely and also provided the opportunity for “the Assembly to put the records straight and wade off criticism and media hypes over alleged endorsement of profligacy in public spending”. Hon Ngo also shared the same view with Hon Chioma that the directors should be fresh nominees to be screened by the Assembly.
Hon (Dr) Innocent Barikor of Gokana Constituency also supported the bill on the ground that it will check the tendency of abuse of public fund. He said people with proven integrity and the right technical expertise should be appointed in the directorate.
Also contributing, Hon Belema Okpokiri, of Okrika constituency said the establishment of the debt management office was necessary but suggested that “overriding powers should be vested in the Assembly on the activities of the office”.
Hon Michael Chinda representing Obio/Akpor Constituency I, described the establishment of the debt management office as “part of Government planning strategy on debt management.”
Hon Chinda called for the inclusion of a clause in the bill stipulating that “all debts incurred by a particular government should be zeroed to bearest minimum, by ensuring that all such debts are liquidated within the last lapse of the administration.” He also suggested that the Attorney General of the State should be a member of the board of directorate of the debt management office.
Hon Gift Nwokocha of Ogba Egbema Ndoni Constituency I, supported the bill and pointed out that, “issues of debt management is necessary but it is important to know when it is necessary for the state to borrow and when not to borrow”.
The deputy speaker of the State House of Assembly, Hon Leyii Kwane who presided over the session, said the bill debated on the floor of the house was critical to the development of the state, and added that members will be given due opportunities to contribute on the issue.
The Rivers State debt management office (establishment) bill 2011, is the first privately sponsored bill since the resumption, of the 7th House of Assembly in Rivers State. Subsequent deliberation of the House will determine if the bill will scale through as law.
Taneh Beemene
During a press conference held in Owerri, the coalition called the campaign a “dangerous and shameful display” designed to distract the public from the governor’s performance in office.
The CSOs directly linked the Greater Imo Initiative (GII) —the group that made the allegations on September 4, 2025—to Governor Uzodimma, describing the group as his “mouthpiece and attack dog.”
“Every word spoken against INEC was spoken on his behalf.
“By falsely alleging that Professor Yakubu has an alliance with Dr. Amadi to compromise the 2027 elections, Uzodimma has not only maligned a man of proven integrity but also assaulted the very foundation of our democracy”, said Dr Agbo Frederick, speaking for the coalition.
The coalition described Professor Yakubu as a “beacon of electoral professionalism” and called the attempt to soil his reputation “defamatory and a national security risk.”
They also defended Dr. Amadi, a “respected development scholar,” stating that the governor’s accusations were “laughable, desperate, and dangerous.”
The CSOs see the motive behind the campaign as an attempt to “silence the dissent, intimidate the opposition, and divert attention from the governor’s abysmal record in office.”
The coalition issued four key demands to Governor Uzodimma: An immediate retraction of the false and defamatory allegations against Professor Mahmood Yakubu and Dr. Chima Amadi.
- A public apology to both men within seven days, to be published in at least three national newspapers and broadcast on major television networks.
- An end to diversionary tactics and proxy propaganda.
- A renewed focus on governance, including addressing insecurity, unemployment, and poverty in Imo State.
The CSOs warned that failure to comply would force them to “review our position with a view to seeking legal redress from Governor Uzodimma for defamation, false accusation, and reckless endangerment of lives.”
“Governor Uzodimma must be reminded that he did not find himself in the seat of power to chase shadows.
“We call on all Nigerians to reject Uzodimma’s diversionary antics as they are nothing short of desperate plots by a government terrified of accountability”, the statement concluded.
In a statement signed by its National Publicity Secretary, Mallam Bolaji Abdullahi, the ADC expressed concern that preventing the senator from resuming her legislative duties violates democratic principles and disenfranchises her constituents.
“The suspension, having been imposed by the Senate and not a court of law, has lapsed. Any further attempt to prevent her from resuming is therefore both illegal and morally indefensible,” Mallam Abdullahi said.
The party noted that denying Sen. Akpoti-Uduaghan access to the chamber silences the voice of the people who elected her, adding that the withdrawal of her salary, aides, and office access during the suspension amounted to excessive punishment.
The ADC also criticised the Clerk of the National Assembly for declining to process her resumption on grounds that the matter was before the courts, arguing that the Clerk’s role was administrative, not judicial.
“Administrative caution must not translate into complicity. When the administrative machinery becomes hostage to political interests, the institution itself is diminished,” the party stated.
Highlighting that Sen. Akpoti-Uduaghan is one of only four women in the 109-member Senate, the ADC warned that the handling of the case sends a discouraging signal about gender inclusion in Nigerian politics.
“Any action that resembles gender intimidation of the few women in the Senate would only discourage women’s participation. Nigeria cannot claim to be a democracy while excluding half of its population from key decision-making spaces,” Mallam Abdullahi added.
The ADC insisted that Sen. Akpoti-Uduaghan be allowed to resume her seat immediately, stressing that the matter was about more than one individual.
“What is at stake here is not just one Senate seat, but the integrity of our democracy itself,” the party said.