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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,

“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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Posted By bobricky On 10:15 Wed, 01 Jul 2015

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