The Rivers State House of Assembly has authorised the State Governor, Chief Nyesom Wike, to access a N14.16bn Federal Government Budget Support Facility.
The 14 lawmakers, who were present at Tuesday’s plenary unanimously gave the approval based on the request of the state governor.
Wike who had written a letter to the House through the Speaker, Dabotoru Dima, explained that the approval would enable his administration to sustain the payment of salaries to civil servants and pensioners.
The governor had said in the letter that his administration had not accessed the N10bn earlier approved by the House as bailout.
He, however, added that the N14.16bn was to be collected in three tranches with nine percent one year moratorium, if approved by the state legislature.
The letter indicated that the loan would be secured on future dividends or funds accruing to the state from the Federal Government
Money Approved by the Rivers State House of Assembly for Governor Nyesom Wike since May 29th 2015 are as Follows
On June 11th 2015,the Assembly approved a N10Billion Loan Request by Governor Nyesom Wike
On June 30th 2015 the Rivers State House of Assembly gave Governor Nyesom Wike the approval to borrow a loan of N20 billion for the completion of ongoing road projects in the state
On November 12 2015 the Assembly gave approvals for the Rivers State Government to borrowed N10 billion
On April 8th 2016 The Rivers State House of Assembly authorised the state Governor, Chief Nyesom Wike, to obtain a N10 billion loan from the Excess Crude Account (ECA)
Then on May 19th the Rivers State House Of Assembly granted yet another 10B Naira Loan Request by Governor Nyesom Wike
On June 4 2016 The Rivers State House of Assembly approved another loan of N12B for the Governor of Rivers State.
With this latest N14.16B,Governor has borrowed a whooping N114.6B between May 29 2015 till Date