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.

Since You Are Here, Support Good Journalism


CrossRiverWatch was founded on the ideals of deploying tech tools to report in an ethical manner, news, views and analysis with a narrative that ensures transparency in governance, a good society and an accountable democracy.

Everyone appreciates good journalism but it costs a lot of money. Nonetheless, it cannot be sacrificed on the altar of news commercialisation.

Consider making a modest contribution to support CrossRiverWatch's journalism of credibility and integrity in order to ensure that all have continuous free access to our noble endeavor.

CLICK HERE

New Feature: Don't miss any of our news again.Get all our articles in your facebook chat box.Click the Facebook Messenger Icon below to subscribe now

Text Advert by CRWatch :Place Yours

Will You To Learn How To Make Millions Of Naira Making Special Creams From Your Kitchen?.Click Here


Expose Your Business And Make More Sales. Advertise On CrossRiverWatch.com Today

You may also read!

You Need To Sin, To Live BY AGBA JALINGO

Just like the astronaut requires a space jacket before going to space, one of the most important requirements to

Read More...

All Set For Interment Of Late Dr. Esther Onoyom-Ita

By Sylvia Felix All is set for the interment of late Dr. Esther Onoyom-Ita, the Executive Director of Society

Read More...

APC, PDP Roll Out Timetable For February 26 Ogoja/Yala, Other Parliamentary By-Election

By Patrick Obia and Maxwell Effiong The All Progressives Congress (APC) and the People’s Democratic Party (PDP) have released

Read More...

Leave a reply:

Your email address will not be published.

Mobile Sliding Menu

Share this now