The Akwa Ibom House of Assembly
on Tuesday gave approval for the state government to obtain a loan of N10
billion from the Excess Crude Account (ECA).
The approval followed a letter
from Gov Udom Emmanuel with reference number GHU/AKS/S 104/V.4/702, dated Sept.
15, 2015, seeking the approval of the House for the loan.
The letter, which was read by the
clerk, Mrs Mandu Umoren, was introduced to the assembly by Mr Usoro Akpanusoh
(PDP-Esit Eket/Ibeno) and Chairman, House Committee on Appropriation and
Finance.
According to the letter, the loan
will enable the state government to invest in infrastructure development
projects such as roads, flood control and drainage.
The letter reminded the lawmakers
that at the National Executive Council meeting of June 2015, it was resolved
that the money in the ECA, usually shared among states, be kept for states that
had needs to access it as loan.
After careful deliberation on the
matter, the house said that the loan was necessary, in view of the fact that it
had single digit interest of nine per cent and 20 years repayment period.
The Speaker, Mr Anieakan Uko,
directed the clerk to communicate the approval of the house to the governor for
necessary action. (NAN)
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