Rivers State House of Assembly has granted Governor Nyesom Wike permission to obtain N18 billion loan from Access Bank.
This followed a request by Wike to that effect, which was read on by the Speaker, Ikunyi Owaji-Ibani, during plenary yesterday.
Wike said the loan is needed to build the forth flyover bridge at Government Reserved Area (GRA) junction on the Port Harcourt/Aba express road; dualization of Mummy ‘B’ road to stadium road; Tombia street to Ikwerre road, and to compensate those whose properties would be affected by the constructions.
He promised that the debt would not be left for succeeding administration as it would be fully paid off before the end of his tenure in 2023, with proceeds from the Internally Generated Revenue (IGR).
Majority Leader and lawmaker representing Obio/Akpor I Martins Amaewhule said the loan would facilitate completion of key projects. He added that repayment was well specified and realistic, reiterating that the next administration would not meet the loan unpaid.
Evans Bipi, Michael Chinda and Abiye Pepple, in their separate views, said the loan is in order and holds no threat to the state’s economy. They insisted that it would deepen physical infrastructural development and enhance completion of ongoing projects.
Meanwhile the Physical Planning Development Amendment bill has passed second reading and sent to the House committee for further deliberation.
The bill is seeking amendment of some relevant sections of the law establishing the board, especially the streamlining of the many boards and the removal of bottlenecks with issuance of Certificate of Occupancy (CofO), fees among others.
The house adjourned sitting till August 18.