Assembly Approves N50bn Loan For Akpabio …As Gov Hails S’Court Judgment

Akwa Ibom House of Assembly says its approval of N50 billion loan from the capital market for the state government has been provided for in the 2012 budget.

Mr Samuel Ikon gave the explanation in Uyo while briefing newsmen on the activities lined up for the celebration of the end of the first legislative session of the 5th Assembly inaugurated on June 6, 2011.

The State House of Assembly had given approval a week ago to the state executive to borrow N50 billion for its projects following a request by Gov. Godswill Akpabio.

Ikon said that the 2012 Appropriation Estimates of N394.7 billion had a deficit expenditure of N65 billion, hence it was needful to borrow to complete most of the road projects executed by the state government.

“It is clear that the projects for the year were in excess of the expected revenue, hence the balance is to be financed through borrowing.

“This is even the first time in five years that this administration is borrowing, I want to commend the state government for fiscal discipline, the borrowing is justifiable,” Ikon said.

He said that if the state government should refuse to borrow, then the construction of dual carriage way from Ekom Iman to Etinan and Etinan to Eket respectively would be suspended.

Ikon said that he was sure that the state government would repay the loan within the life span of the current administration.

The speaker added that the 5th Assembly had passed five bills into laws as well as 13 resolutions.

He announced the donation of 10,000 exercise books to the State Ministry of Education for distribution to selected schools.

Some of the highlights of the celebration are thanksgiving service slated for June 3, special plenary session of the Assembly with legislators from other states, members of the National Assembly, a get-together party and a joint session slated for Rivers House of Assembly complex.

Meanwhile, Governor Godswill Akpabio of Akwa Ibom has hailed the Supreme Court judgment upholding his re-election in April 2011.

In a statement issued the Chief Press Secretary to the governor, Mr Anietie Ukpe the governor thanked God for the victory and also the people for supporting him.

The governorship candidate of Action Congress of Nigeria (ACN) in the state, Sen. James Udoedehe had dragged Akpabio to court challenging his re-election in April 2011 election.

’’I thank all of you and I give glory to God that each time they stand to challenge the will of God, God uses the court to make sure that His will is maintained.

‘’I give glory to God that you are celebrating the judgment of the Supreme Court and finally God has brought the issue of the 2011 Governorship Elections to an end.

“The election of 2011 was lost and won. That means that Godswill is done again in Akwa Ibom State, ‘’ Akpabio said.