Cross River Assembly approves N5bn loan for Gov. Ayade
July. 09, 2019
The Cross River State House of Assembly has approved the request of the State Governor, Prof Ben Ayade, to access a loan facility of N5billion from First Bank of Nigeria Plc.
The House gave the approval in a motion moved by the Leader, Peter Odey and seconded by his Deputy, Fred Osim, after deliberating on a letter signed by Dr Innocent E. Eteng, Permanent Secretary, Governor’s office, which conveyed the Governor’s request for the Assembly’s resolution to access the loan offer.
In a press statement issued by the information officer of the House, Mrs Itam Ofor on Tuesday, she said the letter indicated that the State has been unable to meet its financial obligations with respect to payment of pension and other unforeseen obligations due to paucity of funds and dwindling statutory allocation from the federal government.
In their deliberation, members noted that the loan will alleviate the plight of pensioners as well as assist the state government in continuing ongoing projects across the state. Members expressed confidence that Governor Ayade will use the requested funds judiciously.
The Speaker, Rt Hon. Eteng Jonah Williams noted that the preponderance of members’ opinion supported the resolution and directed the clerk of the House, Barr Bassey Ekpenyog, to convey the Assembly’s approval to the Governor.