Cross River Assembly Approves Governor Ayade’s Request To Borrow 10 Billion Naira

In Breaking News, National News, Politics, Reports

By Archibong Jeremiah, House Of Assembly Correspondent

Members of the Assembly in plenary yesterday
Members of the Assembly in plenary yesterday

The Cross River State House of Assembly yesterday granted the State Government approval to borrow another sum of ten billion naira from the Central Bank of Nigeria through Heritage Bank Plc.

The House granted the approval yesterday 15th of October, 2015 (Thursday) following a letter sent to the House from Governor Ayade through the Secretary to the State Government, SSG, Barrister Tina Agbor requesting for their legislative backing.

The request contained in a letter with the reference number SSG/GSA/S/300/Vol. XVII/736, dated 12th October, 2015 is to finance infrastructural projects including roads and rural electrification in the State.

The letter further informed the House that the repayment interest rate is 9% for a period of 240 months.

While debating on the floor of the House, the Chief Whip of the 8th Assembly, Hon. Ephraim Okon of Calabar South 1 State Constituency cleared the air that the new approval is given to replace the previous one granted from United Bank of Africa with a 17% interest rate, as contained in an earlier letter by the SSG dated 15th September, 2015 with reference number SSG/GSA/S/300/Vol. Xvii/732.

All the members who spoke during the debate in plenary supported the request unanimously saying it is for the larger interest of the State.

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