By Itam Offor
The Cross River State House of Assembly has in a resolution granted approval for the Government to accept an offer of 120 days temporary overdraft facility of N2 billion from First Bank plc.
The request for the Assembly’s approval was contained in a letter signed by the Secretary to the State Government, Barr. Tina Agbor which stated that the over draft facility is intended to “cushion the effect and consequences of the current corona virus pandemic which has affected the financial status of the State.”
According to the SSG, “the credit facility has become necessary because of a shortfall in both the Federal allocation and internally generated revenue which is making it difficult for the State Government to meet urgent needs and important demands.”
Members in separate remarks lamented the current economic challenges faced by not just Cross River but others States as a result of the COVID-19 pandemic and noted that the facility will assist the State Government strengthen it’s lean finances.
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