Rivers Assembly approves N10bn for Wike
- Admin
- Apr 8, 2016
- 1 min read
The Rivers State House of Assembly has given its approval for Governor Nyesom Wike to borrow additional ten billion naira.
The approval was made based on the request of Governor Wike in a letter to the House, seeking to explore the option of borrowing from the Excess Crude Account that is being managed by the Federal Government.
He said the loan would be used to finance capital projects in the state, in view of the prevailing financial challenges in Nigeria.
The request was read during an emergency session of the Assembly, which was presided over by the Speaker, Adams Dabotorudima.
He said the decision to seek the loan from the Excess Crude Account was in line with the advice of the Federal Government for states to explore the reserve fund at low interest.
After a debate on the request of the Governor led by the Chief Whip, all members of the House who were present voted in favour of the loan.
Meanwhile, the Rivers Assembly has adjourned plenary until further notice.
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