Rivers State House of Assembly has passed a resolution authorising Governor Nyesom Wike to obtain a N10 billion loan from the Excess Crude Account, ECA.
The approval, which was made through voice vote by lawmakers present at the sitting, was sequel to a letter of request from the governor to the House through the speaker.
According to the letter dated April 5, the loan when obtained will be used to fund some development projects. “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 remobilised 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 contracts for the comprehensive rehabilitation of 11 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 N10 billion 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 part.
In their various contributions, lawmakers supported the loan, saying it will facilitate the governor’s drive to develop the state.
Speaking, 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, Deeya Barine representing Khana I, argued that “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 general hospitals are worth the value for the loan.’’
Commenting, the Speaker, Dabotoru Dima, said the loan was 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.


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  • vic

    YES, MR WIKE, 10 BILLION LOAN FOR THE DEVELOPMENT OF YOUR POCKET????

    EVEN IF YOU CHOP 10% OF THIS LOAN WHICH YOU WILL CERTAINLY AS A CONSERVATIVE GUESS, THAT MAKES 1 BILLION NAIRA AND WHEN CHANGED IN DOLLARS AT THE PARALLEL MARKET RATE OF 320 NAIRA TO A DOLLAR, IT COMES OUT TO BE, ……. WAIT, LET ME USE MY CALCULATOR, 3.125 MILLION US DOLLARS A VERY GOOD FIRST SCOOP MR WIKE, A VERY GOOD BUSINESS! NO WONDER , YOU POLITICIANS FIGHT LIKE MAD DOGS TO GET TO THE POSITIONS WHERE MR WIKE, YOU ARE TODAY.

    BECAUSE OF THIS SCALE OF FRAUD, POLITICS IN NIGERIA HAS BECOME A DO OR DIE BUSINESS FOR SOME POLITICIAN LIKE YOU. YOU ALL WANT TO BE NEAR THE TREASURY POT, JUST LOOKING FOR AN OPPORTUNITY TO LOOT IT, AND WIKE, YOU ARE NO EXCEPTION TO IT???