Rivers Assembly approves N10bn loan for Wike

The Rivers State House of Assembly on Friday passed a resolution authorizing the state Governor, Nyesom Wike to obtain a N10 billion loan from the Excess Crude Account (ECA). The approval, which was made through voice vote by the lawmakers present at the sitting, was sequel to a letter of request from the governor to the House. According to the letter dated April 5, 2016, the loan when obtained will 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,” the letter read. In their various contributions, lawmakers supported the loan saying it will facilitate the governor’s drive to develop the state.
Speaking, Hon Opurum Iruanya, representing Etche I, submitted that the road projects embarked by the governor has yielded positive results and called on the House to approve the loan. Also, Hon Deeya Barine representing Khana I, said, “I am gladdened that the Bori-Saakpenwa road is one of the projects that this loan is meant for and I know it would open the gateway to Ogoniland. “I also support the loan because all the projects highlighted there; rehabilitation of schools and rehabilitation of general hospitals are worth the value for the loan,” he said. Speaker of the House, Rt Hon Dabotoru Dima, said the loan is worth it, considering the percentage interest rate and the projects for which it will be used for. Eight lawmakers including the Speaker were present at the sitting. The House later adjourned sine die.