Preye Aganaba: The world bank loan of 280 million has not been released yet ... from what I know the bank will not release all at once and will not start collecting the sum and interest in another 20 years or so .... infact, the major expenditure from the loan will bedone by thenext govt.... besides the interest rate is less than 3% ... the average nigeria bank does 21% ..... 280 million dollars is roughly about 50billion naira .... its about half of the IGR for the state in a year ... this clearly shows that it wont be a burden to the state .... its cheap money and almost free without payment for more than a decade ... if rivers state were a business concern, such a loan would have been hailed by all and sundry ... mind u, the loan is meant to fix public infrastructure .... provision of water for rivers people at a fee .... to be exact .... and the consuming public will pay back the loan as they consume water from public taps ....
Posted on: Tue, 09 Sep 2014 09:13:46 +0000
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