C’River Assembly Probes Expenditure Of N2.5bn

The Cross River State House of Assembly has mandated its Finance Committee to investigate how N2.5billion reserved fund approved to the state Governor, Prof Ben Ayade was expended.
Governor Ayade had during the last (Eight) Assembly requested for N2.5billion which was approved but how it was expended was not made known to the Assembly hence, the Assembly has now mandated its committee to investigate how the money was used.
A press statement issued by the Information Officer attached to the Cross River State House Assembly, Mrs. Itam Offor hinted that ‘Cross River State legislators refer governor’s request to appropriation committee to ascertain if the fund was judiciously used.’
Members noted that the 8th Assembly had earlier approved the sum of N2.5 billion from the Reserve Fund for the same purpose and mandated the finance committee to ascertain if the fund was judiciously used.
In his ruling, the Speaker, Rt. Hon Eteng Williams stressed the need for the House committees to carry out effective oversight functions and be up to date in the various ongoing projects under their ministries departments and agencies.
The state governor had, in a letter to the Assembly signed by the Secretary to the State Government, Barrister Tina Banku Agbor said that, “In line with the desire to make Cross River State an industrialized State, government has approached UBA for a loan facility of N15bn (Fifteen billion naira) for developmental and allied projects in the state,’’ adding that, “the facility is offered for 120 month tenor at an interest rate of 15% per annum.’’

Friday Nwagbara, Calabar