Investigation Ongoing Into How Ayade Expended N2.5 Billion Reserved Fund Approved By John Gaul Led Assembly

In Breaking News, Politics, Reports

By Archibong Jeremiah

The Committee on Finance and Appropriation, Cross River State House of Assembly has began investigation into how N2.5 billion reserved fund approved to the State Governor, Sen. Ben Ayade by the John Gaul led Eight (8) Assembly was expended.

After receiving the N2.5 billion, till date how it was expended was not made known to Assembly and Cross Riverians.

According to a press release by Mrs. Itam Offor, information officer in the Assembly, Governor Ayade had, in a letter signed by the Secretary to the State Government (SSG) Barr. Tina Banku Agbor, said “In line with the desire to make Cross River State an industrialized State, Government has approached UBA for a loan facility of N15 billion (Fifteen billion naira) for developmental and allied projects in the State. The facility is offered for 120 month tenor at an interest rate of 15% per annum’’.

The House Committee on Finance and Appropriation has two weeks to submit its report as emphasis was laid on getting detailed information from relevant stakeholders including the SSG and Debt Management office.

Also, the request for approval for the acceptance of credit facility of fifteen billion Naira (N15b) from the UBA and another request for approval for the withdrawal of one billion five hundred million naira (N1.5b) from the State Reserved Fund for intervention in the Education sector is referred to the Committee on Finance and Appropriation for action.

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