Ikpeazu Buys N30 Billion Loan Approval From Abia House Of Assembly With About N600M

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The Abia State House of Assembly has approved a request sent to it by Governor Okezie Ikpeazu to raise a loan facility of N30 billion from commercial banks.

Ikpeazu had sought the approval of the House for a loan to enable his administration meet up with its financial obligations.

Speaker of the House, Martins Azubuike, who announced the approval at the plenary sitting on Tuesday, said the request had been duly considered by members earlier at an executive session.

He noted that the approval had become necessary following the decline in the federal allocation accruing to the state as well as apathy of residents in tax payment, a development, he said, that had adversely affected the revenue of the state.

The Speaker said the House, after due considerations of the prevailing circumstances, decided to approve the request for a loan to enable the Governor function effectively.

In another development, Information reaching Abia Facts Newspaper states that the sum of N30 Billion has been approved by Abia State House of Assembly at the request of Dr. Okezie Ikpeazu the executive governor of Abia State.

The loan was said to be for infrastructural development of the State, but we were also informed that part of it may be used to prosecute the governorship tribunal matter.

The approval did not come without the inducement of the House of Assembly by Gov. Ikpeazu with over N600 Million.

The Information states that PDP members in the House were given N30 Million each, while APGA members were also induced with N25 Million each.

Abia state is already overloaded with loans and approval of another loan at this time is like burying the state completely.

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