Governor Nyesom Wike of Rivers State, says the state government only got N52 billion from the Federal Government out the N78 billion it spent on Federal roads in the State.
The governor, stated this while reacting to claims by former NIMASA DG, Dakuku Peterside that he has received the N78 billion, during the flag-off ceremony for the construction of the Woji-Aleto Road on Tuesday.
He said the N78 billion was not backed up by cash by the Federal government. It was approved by them but not in cash
The governor, however berated Dakuku Peterside, for lying that the Federal Government paid the Rivers State government N78 Billion.
“I didn’t know he (Peterside) does not understand what they call promissory note. N78 billion was not backed up by cash by the Federal government. N78 billion was approved by Federal government, but not in cash.
“…And so the bank has to come in to take it and discount it, because federal government is going to pay them back in the next four years. What Rivers state government got was N52 Billion out of N78 Billion. But, in principle, N78 Billion was approved, but was there any cash? No cash to back it up,” he said.
He furthermore explained that out of the money, N16 billion was given to the Rivers State University, for facility upgrade.
