Rivers House of Assembly Approves Another N6.5 Billion Loan
Barely one month after Rivers State House of Assembly approved N18 billion for Governor Nyesom Wike, the House, yesterday, approved another N6.5 billion loan for the state from Zenith Bank.
The first loan, which was approved on August 10, 2020, is meant to accelerate development in the state, take care of the construction of the fourth flyover at GRA junction, dualization of some roads, and payment of compensation for facilities and property to be demolished in the course of the projects. Work has, however, begun on the stipulated project areas.
Also, according to the latest executive request letters sent by Wike to the lawmakers through the Speaker, Ikwunyi Owaji-Ibani, the N6.5 billion will be used to improve agriculture and provide farmers with loans to improve food production and security; and to service and renovate educational facilities in the state.
The governor reiterated that the fund would be repaid through the Internally-Generated Revenue (IGR), as he stated during the earlier loan.
One letter requested for N5 billion for farmers while the second letter of N1.5 billion is for renovation of educational facilities in the state.
All the lawmakers, who made contributions while debating on the matter, spoke in favour of the request. They said the essence was noble and would bring about development, job creation, food security, and diversification of the state’s economy.
The Leader of the House and member representing Obio/Akpor Constituency I, Martins Amaehwule, said: “Getting the loan is important, as it will help to develop agriculture in the state and also help people of the state to get an agricultural loan that will encourage development and growth of the sector and create jobs for the teeming jobless residents.”
Also, the Speaker said: “The loan is geared towards improving the agricultural development in the state, considering the pandemic that has almost crippled the world economy, including that of the state.”
All the 22 members present at the sitting approved the loan after an extensive debate on it.
