We inherited Over N225 billion debt, 34 uncompleted projects from Wike – Fubara

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Governor Simi Fubara and FCT Minister Wike
FCT Minister Nyesom Wike and Governor Simi Fubara
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…Fubara Swears in Commissioners, Outlines Achievements Amid Crisis

Rivers State Governor Siminalayi Fubara recently swore in new commissioners while addressing the state’s political and developmental landscape. During a ceremony marking the first anniversary of his administration in Port Harcourt on May 29, Fubara revealed that his government inherited 34 uncompleted projects from his predecessor, Nyesom Wike, valued at over N225.28 billion across 13 local government areas.

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Despite these challenges, Fubara announced the commencement of nine new road projects, valued at N534.332 billion, under his administration. He described the ongoing political crisis in the state as a “vicious war” against his leadership but asserted that the worst of it is over. We have successfully defended our rights and opportunity to govern our state and advance its progress in freedom,” he stated.

In presenting his administration’s scorecard, Fubara emphasized his commitment to economic growth, infrastructure, healthcare, education, and agriculture. “We started this journey with a bang. We were focused and determined to make the change we promised with a sense of urgency,” he said. Fubara highlighted his administration’s efforts to stabilize the state’s economy, which he claimed was on a declining trajectory despite its growth potential.

To address economic challenges, Fubara established an Internally Generated Revenue (IGR)/Investment Advisory Committee, which he chairs, leading to a significant increase in the state’s revenue. “Our internally generated revenue witnessed an astronomical increase from N12 billion to between N17 billion in off-peak periods and N28 billion during the peak months,” Fubara reported.

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The governor also emphasized his administration’s business-friendly policies, which have attracted both local and international investors. “We have kept our taxes low, frozen the imposition of taxes on small businesses, and increased the ease of doing business by eliminating bureaucratic bottlenecks,” he noted.

Fubara highlighted the creation of an N4 billion matching fund with the Bank of Industry (BOI) to support micro, small, and medium-sized enterprises (MSMEs). This initiative has seen over 3,000 applications for business loans at a single-digit interest rate and a repayment period of up to five years.

On infrastructure, Fubara reassured that his administration did not abandon the uncompleted projects inherited from the previous government. Twelve of those projects have been completed and put to use, while construction work is ongoing on the others,” he confirmed.

Fubara concluded his address by reaffirming his dedication to prioritizing the interests of Rivers State and ensuring that the people receive the dividends of democracy and good governance. “I am pleased to present our scorecard for the first year we have been in office, showing significant achievements despite unprecedented challenges,” he stated.

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