The Rivers State House of Assembly has authorized Chief Nyesom Wike’s request to access over N14 billion from the Federal Government Budget Support Facility.
The House gave the authorisation following a request by the state Governor, Chief Wike.
Speaker of the Assembly, Rt. Hon. Adams Dabotorudima while reading the letter of the governor on the floor of the House, during plenary yesterday said ‘The Federal Governemt has offered the Rivers State Government the sum of N14.16 billion as Federally guaranteed conditional budget support facility, to enable us quell the present economic challenges and continuously meet our financial obligations, especially to civil servants and pensioners.
“The facility is accessible in three tranches of N1.39 billion for 3 months, followed by N1.11 billion for nine months and at a subsidised interest rate of 9% , with one year moratorium.
“Based on the basis of our earlier application for the 10 billion bailout fund, approved by the Federal Government for States, which regrettably has not been granted. However, not withstanding the frustration on our request for bailout fund, we consider the present offer of N14.16 billion budget support facility to be congenial to the economic interest of Rivers State and therefore acceptable.
“If accessed, the facility will help mitigate the State’s vulnerability to the dwindling financial return from the Federation account and enable us to sustain the payment of salaries to civil servants and pensioners” he concluded.
