The Rivers State House of Assembly has given approval to State Government to borrow the sum of #18 billion only from Access Bank Plc. The approval followed a letter from His Excellency, Nyesom Ezenwo Wike, CON, GSSRS, POS (Africa) the Executive Governor of Rivers State requesting the State Assembly to do so.
According to His Excellency, the loan is to be obtained by the State Government under its Contractors Infrastructural Development Scheme CIDS) and to be repaid before the end of his administration on May 29, 2023.
Gov. Wike stated in the letter, that the loan is for the development of critical infrastructures in the State which include, the construction of 4th flyover, dualization of Ezimgbu road, dualization of Tombia street, payment of salaries and the loan is to be serviced by the State Internally Generated Revenue.
In his remarks, Speaker of the House, Rt. Hon. Ikuinyi-Owaji Ibani, DSSRS, KSC maintained that the Executive Arm stated in clear terms what the loan facility is to be used for. According to the Rt. Hon. Speaker, the loan is not for the purchase of vehicles for public officers but for key infrastructural development in the State.
The Rt Hon Speaker, explained that His Excellency has stated without ambiguity how the loan will be repaid, which will in no way mortgage the future of the state. He maintained that the State Assembly shall continue to monitor any money appropriated by the House to the Executive Arm.
Earlier, in their various submissions during debate, Hon. Members maintained that His Excellency’s request for the House Approval is in line with the Constitution and that the intention of the loan facility is to the benefit of the State.
Meanwhile, Rivers State Physical Planning and Development Amendment Bill 2020 was given 2nd reading and Committed to the House Committee on the Whole after debate.
