Cross River Assembly Truncate Recess To Clear Ayade’s Request To Borrow 30Billion Naira

In Breaking News, Business & Economy, National News, Politics, Reports

By Archibong Jeremiah, House Of Assembly Correspondent

Cross River State House of Assembly members in plenary
Cross River State House of Assembly members in plenary

The Cross River State House of Assembly today approved Governor Ayade’s request to loan 30 Billion Naira from Zenith Bank and United Bank of Africa (UBA).

Members who were summoned back from recess to seat this afternoon because of the urgency behind the loan, said the interruption of their recess is worth it because it is in the interest of the State.

The request for approval of the loan was communicated to the House through four separate letters yesterday, 15th September 2015, signed by Mrs. Elizabeth Etu, Permanent Secretary, Administration Office, for Secretary to the State Government.

After brief deliberations, the Assembly resolved as follows: in a motion moved by Hon. Eteng Williams of Yakurr 2 State Constituency and seconded by Hon. Simon Nkoro Egbong of Ikom 1 State Constituency and the Deputy Majority Leader, the State Government is allowed to loan 10 Billion Naira from Zenith Bank to finance recurrent expenditure and infrastructural projects. The reference of the request letter is SSG/GSA/S/300/Vol.XVII/730.

Another motion was moved by Majority Leader of the House, Hon. Moses Ushie Ucheche of Obanliku State Constituency seconded by Hon. Joe Agaji to allow the Government loan 10 Billion Naira from United Bank of Africa for some infrastructural and industrial development including a proposed rice factory in the State. The letter is referenced number: SSG/GSA/S/300/Vol.XVII/732.

The House also gave Ayade the mandate to loan another 5 Billion Naira for Commercial Agricultural Credit Scheme to finance commercial agricultural activities in the State and the motion was moved by Hon. Peter Odey of Ogoja State Constituency seconded by Hon. Elucate Ekom Okara of Obubra 2 State Constituency. Letter reference number: SSG/GSA/S/300/Vol.XVII/731.

The four letters requesting the House for approval to loan 30B
The four letters requesting the House for approval to loan 30B

And lastly, the House, after a motion by Hon. Ogana Lukpata of Yala 2 State Constituency, Deputy Whip of the House and seconded by Hon. Itam Abang, Boki 1State Constituency, further gave the governor another permit to loan 5 Billion Naira from UBA to boost the entire agricultural sector of the State with a letter reference number is SSG/GSA/S/300/Vol.XVII/733.

Most members of the who were at the sitting agreed that the loans were necessary to fast track development in the state.

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