N10bn Loan: PDP Hails RVHA

Cross Section of 11 members of the Rivers House of Assembly with the Resident Electoral Commissioner,Mr Aniedi Ikoiwak(middle) after receiving their Certificate of Return in Port Harcourt last Friday.

Pleasant reactions have
continued to trail the move by the Rivers State Government to secure a N10 billion loan from the excess crude account for the execution of capital projects in the state.
Describing the development as timely and of urgent importance, in a statement in Port Harcourt, Friday, the Assistant Publicity Secretary of People Democratic Party (PDP) in the state, Mr. Samuel Nwanosike said the loan would fast track development in the state.
He said the Federal Government was already aware of the peculiar economic challenges of the state, hence he directed state governments in the country willing to secure the loan from the excess crude account on a low interest to do so.
Nwanosike, who is also the caretaker committee chairman of Ikwerre local government area, lauded the state House of Assembly, for the approval.
The Rivers State House of Assembly (RSHA) had last Friday unanimously given its approval for the state Governor, Chief Nyesom Ezenwo Wike to borrow additional N10 billion for the development of the state.
The approval was based on Governor Wike’s request to the Assembly seeking to borrow from the excess crude account that is being managed by federal government.
The request made through a letter which was read on the floor of the Assembly in a plenary session in Port Harcourt last Friday explained that the loan would be used to finance capital projects in the state, following the prevailing financial challenges in the country.
The Speaker of the House, Rt Hon Adams Dabotorudima said the decision to seek the loan from the excess crude account was in line with federal government’s advice to states to explore the reserved fund at low interest.

Enoch Epelle