Rivers State Governor Siminalayi Fubara revealed his administration inherited N225.279 billion in debt from 34 unfinished projects. Despite financial challenges, Fubara announced new infrastructure initiatives.
Rivers State Governor Sir Siminalayi Fubara revealed his administration inherited a staggering N225.279 billion in debt tied to 34 uncompleted projects across 13 local government areas.
This financial burden, unveiled during his one-year stewardship presentation at the Dr. Obi Wali International Conference Centre in Port Harcourt, underscores the challenges his administration faces in steering the state’s development agenda.
Governor Fubara’s revelation was part of a broader address marking the first anniversary of his tenure, where he highlighted the complexities of managing inherited debt while pushing forward with new initiatives.
"We started this journey with determination to drive change with urgency," he said. "But soon found ourselves entangled in a crisis that tested our resilience. Thankfully, the worst is over, and we have defended our right to govern and advance our state's progress."
The governor also announced the awarding of nine new road projects valued at N534.332 billion, reflecting his administration's commitment to infrastructure development despite the daunting financial landscape.
He emphasized that the state government remains focused on delivering on core priorities, including economic growth, healthcare, education, and agriculture, as outlined in his administration's blueprint.
Opposition parties were quick to criticize the previous administration’s fiscal policies. Hon. Emma Okoro, an opposition leader, stated, "This debt situation highlights the mismanagement by the past leadership. It’s crucial that the current administration conducts a thorough audit and holds those responsible accountable to prevent future fiscal missteps."
Local stakeholders have expressed a range of reactions, from concern over potential project delays to optimism about the new administration's ability to turn the situation around.
Business leaders worry about the possible slowdown in project completions, while some community members hope for more transparent and efficient use of public funds.
Governor Fubara reassured the public of his administration’s commitment to transparency and effective governance. "We are already consulting with financial experts to develop a robust debt repayment strategy," he said. "Our aim is to manage this inherited burden without compromising our development goals."
The coming months will be critical in shaping the economic future of Rivers State and determining the success of its new leadership's vision.
