Assembly okays N30bn loan for Cross River
The loan is expected to be sourced from Zenith Bank and United Bank of Africa.
The governorâ€™s request for the loan was communicated to the House through four separate letters with reference number SSG/GSA/S/300/Vol. XVII/730-733, dated September 15, 2015, and signed by the Permanent Secretary, Administration, in the Office of Secretary to the State Government, Mrs. Elizabeth Etu.
As a result of the urgency in the request, Speaker of the Assembly, Mr. John Lebo, summoned the lawmakers back from recess and an express approval was given.
After deliberations, a motion on the resolution was moved by the member representing Yakurr 2 constituency, Mr. Eteng Williams, and seconded by the Deputy Majority Leader of the House, Mr. Simon Egbong (Ikom 1 constituency).
The breakdown indicated that the governor would secure N10bn from Zenith Bank to finance recurrent expenditure and infrastructural projects, while another N10bn would be sourced from UBA for some infrastructural and industrial development.
The loan from UBA will cater for a proposed rice factory in the state, while another N5bn from the same bank would be for Commercial Agricultural Credit Scheme to finance commercial agricultural activities.
Similarly, the last N5bn, which would still be secured from UBA, is expected to boost the entire agricultural sector.
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