Rivers assembly okays Wike’s N20bn loan request





The Rivers State House of Assembly has approved a request by the state Governor, Chief Nyesom Wike, seeking the House’s approval for the taking of N20bn loan from Access Bank Plc.
The House had acted on a letter titled, ‘Request for approval to borrow N20bn loan facility from Access Bank Plc to finance major ongoing road projects’.
Wike had sent the letter to the House through the Speaker, Ikuiyi-Owaji Ibani, saying the loan facility is intended to complete some uncompleted road projects embarked upon by the previous administration and also for some new road projects to be executed by his administration.
The governor had earlier sought an approval from the House for a N10bn loan, which was granted by the House.
 “Pursuant to our resolve to continue viable ongoing projects, government has met with contractors handling major roads construction in the state with a view to mobilizing them back to site.
“The contractors handling road projects awarded by the previous administration have indicated their willingness to mobilize to site and continue with construction work as soon as funds are released to them.
“As a result, we have considered it expedient to mobilize the contractors of the following ongoing road projects subject to availability of funds; Abuloma-Woji road, Woji Akpajo road, Rumuepirikom-Whimpey-Rumuolumeni road, Ozuoba-Ogbogoro-Rumuolumeni road, Rumuepirikom-Eleproanwa road and Igwuruta-Eneka-Elimgbu-Rumukwurushi road.
“In addition, we have also concluded plans to embark on the construction of the following new roads and other projects; Elelenwo-Akpajo road, Oroigwe road, Igwuruta-Chokocho road, the rehabilitation, fencing and construction of internal roads in Government Girls Secondary School, Rumuokwuta.
“Mr. Speaker, it is important to reiterate that these projects, when completed, will accelerate economic development in the state and improve the social well-being of our people. However, since the state government has no funds in its coffers, we will be unable to mobilize any contractor to site without first finding the funds on willing development partners. Accordingly, we approached Access Bank Plc, which has graciously agreed to advance the state government with a loan facility of twenty billion naira only for the purpose of funding these projects.”

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