RIVERS ASSEMBLY: Assembly approves N10bn Zenith Bank loan for Wike

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RIVERS ASSEMBLY: Assembly approves N10bn Zenith Bank loan for Wike


LEGISREPORTS NG – The Rivers State House of Assembly, has approved the sum of N10 billion Zenith Bank Plc loan for the state government to finance some projects in the state.


The projects, according to a letter sent to the Assembly by the state governor, Nyesom Wike through the speaker, is intended to carry out rehabilitation of roads within the Port Harcourt metropolis, renovation of the Assembly and High Court complexes and as well construction of Abonnema bridge and completion of Agip road, among others.

The Speaker while reading the letter of request to the House said;

“As you are aware, the new government inherited an empty treasury from the out-gone government. Evidently, this situation has made it very difficult for us to function effectively. Consequently, in order to kick-start developmental activities and deliver on our promises to the people of Rivers State, we have considered it very necessary to secure a loan facility to the tune of N10billion (ten billion naira) from Zenith Bank Plc to fund some very vital developmental projects.

“The loan facility will be secured and serviced from the Rivers State government Value Added Tax (VAT) account domiciled with the lender, Zenith Bank Plc. You may wish to note that the state government has already enter
into a commitment with Julius Berger Plc and China Civil Engineering Construction Company Nig Ltd, among others, to executive some of the projects earmarked for completion within the first 100 days of our administration. It is imperative that these companies are mobilised to cite without any delay”, the letter read in part.

It their various submissions, lawmakers who contributed, supported that the request be approved, saying the move by the governor was in the interest of the people of the state.

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