Rivers State House of Assembly, on Monday, granted a legislative approval to Governor Nyesom Wike to access a N9 billion loan facility from the Zenith Bank.
The fresh request by the governor for the loan was one of the executive bills presented to the eighth legislature in the state, even as the lawmakers granted the approval during an emergency sitting convened by the Speaker, Honourable Dima Dabotoru.
Governor Wike had written to the state legislature to grant his request to approach the bank and borrow the stated amount, noting that it would be used for capital projects and that the loan would be repaid from the state internally generated revenue (IGR) earnings.
The governor’s request was approved after a debate and vote by the lawmakers and the Speaker said the loan was to fund the renovation of the General Hospitals and secondary schools across the state.
“There is need for this Honourable House to grant the request of the governor of the state, which stands as an executive bill. I call on this assembly to support the state governor to allow him access the loan. The loan, if obtained, will be used for the developmental projects in the state,” he said.
The fresh loan made it a total of eight loans facilities approved by the state legislature and with the latest approval, the governor had borrowed N85.16 billion between May 29, 2015 till date.