Rivers state governor, Nyesom Wike, was on Friday, given approval to obtain a N10 billion loan from the Excess Crude Account (ECA).
The approval of the loan by the Rivers State House of Assembly, was in response to a letter Wike sent to the assembly through the Speaker.
In the letter, dated April 5, 2016, the governor said the loan would be used to fund some development projects in the state.
“You are aware of the huge infrastructure development challenge and our efforts to address the situation. Since we came on board, we have not only remobilized all contractors handling major road sites, but have also awarded new contracts for the construction and reconstruction of new roads and other projects.”
“We have also advertised for tenders for the Bori-Saakpenwa road, the Obiri Ikwerre-Airport bypass, while the contracts for the comprehensive rehabilitation of eleven secondary schools and some of the dilapidated general hospitals are also due for award.”
“However, our major constraint is inadequate resources, which is worsened by shrinking returns from the Federation Account. On the strength of the above, it is my desire to obtain a Ten Billion (N10, 000, 000,000.00) loan facility from the Excess Crude Account to continue funding our numerous development projects.”
“The loan, which attracts a single interest of nine percent and 20 years repayment period, is quite favourable to the reality of the state’s economy.”
Join our twitter community :
