Governor Fubara Inherits Massive Debt from Predecessor Wike

Rivers State Governor Siminalayi Fubara disclosed inheriting significant debt from the Nyesom Wike administration.
The revelation came during the commissioning of the Aleto-Ogale-Ebubu-Eteo Road, known as Old Bori Road, in Eleme Local Government Area.
Governor Fubara said that many projects commissioned under former Governor Wike, now the Minister of the Federal Capital Territory (FCT), were underfunded, leading to contractors returning for outstanding payments.
Although Fubara did not specify the debt amount, he stressed the impact of these liabilities on the state’s finances.
Fubara confirmed his administration’s commitment to transparency, announcing plans to present a “white paper” detailing project funding during future commissions.
He said that the Old Bori road reconstruction, awarded at N6.7 billion to CCECC, has been fully paid for without any debt.
The governor also clarified that despite challenges from an insider’s interests, his administration maintains a cooperative relationship with the federal government.
The reconstruction of Old Bori Road aims to provide an alternative route to the deteriorating Eleme section of the East-West Road, essential for local development and connectivity.
He said: “My story as a person will not be complete if Eleme is not mentioned, that is the truth. Maybe, if I have not started from Eleme, I will not get to Level 14. At least I started here before I got to Level 14.
“And for the records, this contract was awarded to CCECC on the 14th of August 2023 not by “I” but by this administration and as we go further, we will be going with a White Paper showing the record and amounts this project was awarded.
“This project was awarded at N6.7bn and I can say boldly no kobo is remaining, we have paid the contractor completely without owing. The purpose of this is to let the world know that if there is one problem this administration has it is debts.
“Most of the projects commissioned (by the last administration), the contractors are still coming for their balance payments running into millions and billions. I have said I don’t want to talk because I am part of that system but when they keep pushing me, I will say it so that we will see the nyansh of the fowl.
“But let us leave that one until when they are ready, we will also be ready. The small one we are doing now, they are not sleeping, I wonder what will happen when we do the big one.
“The Problem we have is accumulated debts from the past government.”
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