Cross River Assembly approves N5b loan

The Cross River House of Assembly on Tuesday approved the request of the State Government to get a loan of N5bn from First Bank of Nigeria Plc.

The House gave the approval following 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 Governor Ben Ayade’s request.

According to letter, 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”.

READ ALSO: Cross River State House of Assembly passes N1.3trn budget

In their deliberation, members said the loan will alleviate the plight of pensioners as well as assist the State Government continue ongoing projects across the state.

Members expressed confidence that Governor Ayade will use the requested funds judiciously.

Speaker Eteng Jonah Williams said the preponderance of members’ opinion supported the resolution and directed the clerk of the House, Bassey Ekpenyong to convey the Assembly’s approval to the Governor.