RVHA Approves N4bn Agric Loan Renewal

The Rivers State House of Assembly (RSHA) on Monday gave approval to the state Governor, Rt. Hon. Chibuike Amaechi to renew and access the N4billion agriculture loan from Zenith Bank Plc.
The loan is under the Federal Government/Central Bank of Nigeria (FGN/CBN) commercial agricultural credit scheme, which is available to all states of the federation.
Before the House gave the approval, the Speaker, Rt. Hon. Otelemaba Dan-Amachree had read a letter from the executive requesting the lawmakers to give the state government approval to access the loan.
In the latter dated March 5, 2014, the governor stated that a similar loan, which the state government obtained in 2012 from Zenith Bank under the same scheme, “was utilized for the establishment of fish farms at Buguma, Ubima, Opobo and Andoni, all in Rivers state.”
The government, Governor Amaechi also stated, has been diligent with the repayment and the last instalment would be completely repaid by the end of March, 2014.
He also said the state had identified the need to invest and develop the agriculture sector for food security as well as to provide employment for the teeming unemployed youth of the state, hence the need to renew the loan for another N4billion.
The governor also made it clear that this new loan, which would be “utilized for the purchase of farm implements, inputs and tools for farmers in Rivers state” would attract an interest rate of 6 per cent per annum.
However, after a long debate by the lawmakers, the House resolved by unanimous vote, to approve the loan for the governor.
The House also set up a five-man committee to be headed by Hon Gift Wokocha to investigate a petition from aggrieved part-time lecturers of the Rivers State College of Health Science and Technology, Port Harcourt.