‘Ambitious’ Wike gets the nod for another multi-billion naira loan

The Rivers State House of Assembly, on Friday, granted the request of Governor Nyesom Wike to borrow N12 billion from the Central Bank of Nigeria

According to the Punch, the loan request was passed by the lawmakers after an extensive debate was done.

Arguing for the loan request, members of the House pointed out that it doesn’t matter how much the state borrows provided that the loans were used for its intended purpose.

Wike had written a letter to the House through the Speaker of the House saying that the loan would be used to complete the recently commissioned Saakpenwa-Bori and Tam David-West Obiri-Ikwerre Airport Roads.

The Governor further informed the House that N2 billion would be used to fund micro/small and medium scale businesses for young entrepreneurs in the state.

The first letter written by the governor reads in part, “As part of measures to stimulate development in states, the Federal Government has provided various stimulus packages, including the CBN Infrastructure/Capital Projects Loan for states to access and utilise some capital projects.”

“You know the state government is ambitious about road development programmes. It has become expedient for Rivers State to take advantage of this fund to accelerate the completion of two key roads under construction. These are: (1) the Saakpenwa-Bori Road and (2) the Tam David-West Obiri-Ikwerre Airport Road.”

A second letter from the Governor to the House reads, “Request for Approval to Access N2bn CBN Micro, Small and Medium Scale Enterprises Development Fund, explained that the money meant to support the growth of small businesses in the state has already been accessed.”

“As part of measures to support and stimulate the development of small businesses, Rivers State Government has accessed N2bn from the CBN Micro, Small and Medium Enterprises Development Fund for distribution to Rivers State people to support the growth of their small businesses.”

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