By Ogar Monday: House Of Assembly Correspondent
The Cross River State House of Assembly has in a resolution granted approval to the State Government to reschedule its outstanding Federal Government of Nigeria Bonds balance valued at N33,209,107,353.31 by an additional ten years thereby extending the maturity period from 2035 to 2045.
The resolution followed the presentation of the report of the Finance and Appropriation Committee headed by Honorable Eteng Williams (PDP Yakurr II) where he informed that the House had received a request forwarded by the Secretary to the State Government, Barrister Tina Agbor vide Letter No. SSG/GSA/S/300/VOL XVII/338 dated 17th May, 2017 on the matter.
Mr. Williams further recalled that at the plenary session of Thursday 10th September, 2015, the House passed resolution No. 12 granting approval for the Cross River State Government to restructure its Commercial Bank loan into Federal Government of Nigeria Bond in the sum of N33,764,117,873.73 (Thirty Three Billion, Seven Hundred and Sixty-Four Million, One Hundred and Seventeen Thousand, Eight Hundred and Seventy-Three Naira, Seventy-Three Kobo).
He said the approval was sequel to a request earlier received through a letter dated 9th September, 2015 and signed by the Secretary Agbor being a request for restructuring of the State’s Commercial Bank Loans.
According to Williams, the approval will allow the State Government to be able to restructure its commercial bank loans into Federal Government of Nigeria Bonds with a terminal date of 2035, adding that, by the recent resolution the State Government will also be able to reschedule the repayment plan by extending its maturity period from 2035 to 2045.