RVHA Okays RSG’s N9bn Loan Request

The Rivers State House of Assembly has approved the request by  the state Governor,  Chief Nyesom  Wike to access N9 billion  loan from Zenith Bank Plc for implementation of capital projects in the state.
The governor’s request received the House’s approval on Monday at the Assembly plenary session in Port Harcourt.
According to the Speaker of the House, Rt. Hon. Adams Dabotorudima, a letter was earlier submitted by Governor Nyesom Wike seeking the approval of the 8th Assembly to access N9 billion loan from Zenith Bank Plc for the financing of capital projects such as  hospitals, rehabilitation of secondary schools and roads in the state.
The letter also stated that the N9 billion loan will be serviced from the dividends of N3.2 billion annual earnings from its holdings in Indorama Petrochemical Company at Eleme in the state.
The letter further explained that the 2nd quarter annual earnings from Indorama  between 2016 and 2019 targets  N3.2 billion annually to the Rivers State Government.
A total of 12 lawmakers present at the session voted to approve the N9 billion loan after a peaceful debate by the lawmakers.
The Leader of the House, Hon. Martins Amaewhule expressed the need to approve the loan, saying that the state government was conscious of development to impact positively on the citizenry.
Amaewhule also sought  the support of the House to approve the loan to fasttrack both the ongoing and fresh projects in the state.
Also on the debate, the Chief Whip of the House, Hon. Evans Bipi, who expressed worry over  the continued dwindling of Nigeria’s  economy and accruing Federal Government allocation to the state, urged the 8th Assembly to consider the approval of the loan to implement the renovation of  proposed general hospitals, and rehabilitation of secondary schools.
After the debate the Speaker, directed the clerk of the House to forward a letter of approval to the state Governor,  Chief Nyesom Wike,  to access the N9 billion loan without delay.
He adjourned the sitting to July 19, 2016.