A request by the Nyesom Wike led Government to borrow N6.5billion, has met the approval of the Rivers State House of Assembly. This loan request is coming barely one month after N18billion was approved by the lawmakers for the construction of flyovers and dualisation of some roads in Port Harcourt, the state capital.
The loan, Africa Update gathered, will be channeled towards driving the agricultural plans of the state government, and would be sourced from Zenith Bank. Letter of request for the loan from the state Governor, was read by the Speaker, Hon Ikuinyi-Owaji Ibani during plenary, last Wednesday, explaining that the fund would be used to improve agriculture and provide farmers with loans to enhance food production and security; as well as service the state’s counterpart funding of the Universal Basic Education (UBE).
The governor reiterated that the fund would be repaid through the Internally Generated Revenue (IGR), as he stated during the earlier loan. According to Ikuinyi-Owaji, a paragraph of the letter requested for N5billion loan for farmers while the second paragraph requested for N1.5billion loan for the renovation of educational facilities in the state. Also, the speaker said: “The loan is geared towards improving agricultural development in the state, considering the pandemic that has almost crippled the world economy, including that of the state.” All the 22 lawmakers present, who made contributions while debating 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.
Stay informed and ahead of the curve! Follow Africa Update Newspaper on WhatsApp for real-time updates, breaking news, and exclusive content. Don't miss a headline – join now!