Rivers Assembly Approves N6.5bn Loan For Agric, Education Dev

The Rivers State House of Assembly has authorised the borrowing of N6.5billion loans for the state government to drive its agric development plans. 
The loans are to be sourced from Zenith Bank, and to be paid back before the end of the current administration.
This is coming one month after the lawmakers granted Governor Nyesom Wike’s earlier request to borrow N18billion for flyover, road construction and dualisation of some roads in Port Harcourt, the state capital.
Letter of request for the loans from the state Governor, Chief Nyesom Wike, was read by the Speaker, Hon Ikuinyi-Owaji Ibani during plenary, last Wednesday, explaining that the fund would be used to improve agriculture and provide farmers with loans to enhance food production and security; as well as service the state’s counterpart funding of the Universal Basic Education (UBE).
The governor reiterated that the fund would be repaid through the Internally Generated Revenue (IGR), as he stated during the earlier loan.
According to Ikuinyi-Owaji, a paragraph of the letter requested for N5billion loan for farmers while the second paragraph requested for N1.5billion loan for the renovation of educational facilities in the state.
Also, the speaker said: “The loan is geared towards improving agricultural development in the state, considering the pandemic that has almost crippled the world economy, including that of the state.”
All the 22 lawmakers present, who made contributions while debating the matter, spoke in favour of the request.
They said the essence was noble and would bring about development, job creation, food security, and diversification of the state’s economy.
The Leader of the House and member representing Obio/Akpor Constituency I, Hon. Martins Amaehwule, said: “Getting the loan is important, as it will help to develop agriculture in the state, and also help people of the state to get an agricultural loan that will encourage development and growth of the sector and create jobs for the teeming jobless residents.”
All the 22 members present at the sitting approved the loan after an extensive debate on it.

By: Kevin Nengia