Rivers state Lawmakers approve another N6.5 billion loan

River state lawmakers have approved a loan worth N6.5 billion from Zenith bank
Ernest Sunday

River State's House of Assembly through its lawmakers has approved N6.5 billion loan from Zenith bank after just one month that the House approved an N18 billion loan for the state's governor, Nyesom Wike.

The N6.5 million loan request which was sent in a letter by the Governor to the lawmakers through the state's speaker Ikwunyi Owaji-Ibani is to improve the agricultural system of the state by issuing loans to farmers to improve their food production and also provide security for them.

In the letter, the loan is split into two with N5 billion for the agricultural system improvement while N1.5 billion is for services and renovation of educational facilities in River State.

According to Wike, the loan would be repaid through the Internally-Generated Revenue (IGR) just exactly the same source of repairment he stated in the earlier N18 billion loan.

The lawmakers who were represented by 22 members after a long series of debate approved the request in what they believe would improve the development of the state and also bring adequate foodstuffs in the state through farmers.

In a speech delivered by the Leader of the House Obio/Akpor Constituency I, Martins Amaehwule, he said:

“Getting the loan is important, as it will help to develop agriculture in the state and also help people of the state to get an agricultural loan that will encourage development and growth of the sector and create jobs for the teeming jobless residents.”

Also, the Speaker said: “The loan is geared towards improving the agricultural development in the state, considering the pandemic that has almost crippled the world economy, including that of the state.”

On August 10, 2020, Governor Wike requested for N18 billion loan from the State's House of Assembly.

He said the loan was for accelerating development in the state, taking care of the construction of the fourth flyover at GRA junction, dualisation of some roads and payment of compensation for facilities and property to be demolished in the course of the projects.

The lawmakers granted the loan request and he has started the project as he stipulated.

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