Uba warns Obi against $75m loan

Chairman, Senate Committee on Independent National Electoral Commission, Senator Andy Uba, has warned Anambra State Governor, Peter Obi, against taking a proposed $75m loan for erosion and flood control.
Uba, who is representing Anambra South on the platform of the Peoples Democratic Party, in a statement on Thursday said the people of the state would not gain from additional debt burden at a time of serious national economic crisis.
He said, “It is not wise to take such a huge loan, especially at this time of national economic crisis. Efforts should be geared towards improving the state’s internally generated revenue to met developmental challenges and not to increase its (state) debt burden.”
The senator also said Obi’s recent campaign for  a particular senatorial district  to produce the next governor  was not in the best interest of the state.
Senate Committee on Local and Foreign Debts had last week expressed concern over requests by state governments to secure foreign loans totalling over $3.059bn.
Chairman of the committee, Senator Ehigie Uzamere, raised the alarm over the plans of some states to take foreign loans at a meeting with some of the affected states finance commissioners in Abuja on December 10.