Palpable tensions have continued to reverberate in the polity over the proposed N15 billion bond issued by the Ebonyi State Governor, Chief Martin Elechi, from the Nigerian capital markets that would be deducted from the state allocation for seven years.
The All Progressives Congress (APC) yesterday alleged that the bond issued was being proposed for the purpose of executing the 2015 general election by the state government in favour of the Peoples Democratic Party (PDP) candidates.
It could be recalled that the state governor, on September 29, 2010, borrowed N16.5 billion from the capital market for syndicated projects, which were also pencilled down for the new proposed bond.
A breakdown of the utilisation of the bond indicates that refinancing of existing bank facility would gulp N5 billion of the bond while the completion of Ukawu water scheme would takeN1billion.
Others include access road to Ukawu water scheme, N1billion; completing, furnishing and landscaping of the state secretariat, N3 billion; completion of the International market, N1.5billion; fencing, internal roads, water and provision of electricity in the state university, N2billion; water supply to Abakaliki, N1billion.
Shortly after the proposal was read for the consideration by members of the state House of Assembly by the Leader of the Assembly, Hon Sam Nwali, representing Ikwo North constituency, the member representing Ezza North West constituency and the Minority Leader, Hon Enyi Enyi, expressed shock that members of the Assembly approved the N15billion bond issue.
Also, out of the 24 members of the Assembly, 18 were in attendance, while a member, Mrs. Helen Nwaobasi, left the chambers before the end of the debate in what could be referred as a walkout, as six other members were also absent in view of the wild publicity of the sitting.
A financial expert, Mr. Emeka Nwankwo, described the proposed bond by the governor as a calculated attempt to plunge the state into debt, and urged the people of the state to rise up and resist the bond by the state government.