RIVERS State House of Assembly, during an emergency meeting, yesterday, unanimously approved a fresh N9billion Zenith Bank Loan facility for the state government. This followed a letter sent to the House by the Governor, Barr. Nyesom Wike. According to the letter, which was read on the floor of the House by Speaker, Rt Hon Adams Dabotoru Dima, the loan would be used to fund renovation of General Hospitals and Secondary Schools
across the state. The letter further indicated that the loan will be serviced with the N3billion yearly earnings from the Rivers State Government investments in Indoroma and Eleme Fertilizer and Chemicals Ltd. “We wish to recall our annual commitment to finance part of the 2016 capital expenditure from commercial loans in view of the dwindling resources from federal allocation and other revenue sources. “Apart from the ongoing capital intensive projects, this state annual
dividend earnings of not less than N3.2bn from our shareholding interests in Indorama, Eleme Fertilizer and Chemicals Limited, with effect from second quarter of 2016 to 2019 pay home”, the letter read in part. In their respective debates, lawmakers stressed the need for the House to give approval since the loan already has a repayment source. According to the Whip, Hon Evans Bipi: “Mr. Speaker I want to let you know that if today our governor dumps any of the ongoing projects, our critics over
there will be out to criticise him.” Commenting before putting a vote through, the Speaker called for the co-operation of the lawmakers in order to enable the governor obtain the loan. “There is need for this honourable house to grant the request of the governor of the state, which stands as an executive bill. I call on this assembly to support the state governor to allow him access the loan. The loan if obtained, will be used for the developmental projects in the state”, he stated. The House later adjourned to July 19, this year.

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