Home News Cross River lawmakers approve 35b loan for Ayade

Cross River lawmakers approve 35b loan for Ayade


Calabar Cross River Lawmakers have granted approval to the State Government to accept credit facilities amounting to N35b to enhance the industrialization of the State.

The Lawmakers granted approval for the State Government to accept a credit facility of N15B , fifteen billion naira, from UBA, N10B, ten billion naira, from Zenith Bank as well as another N10B, ten billion naira, from first Bank plc for the execution of its infrastructural projects.

In a report, the House Committee on Finance and Appropriation observed that “since the inception of the present administration in 2015, there was an express desire to industrialize the State and develop critical infrastructures.”

Hon Sunday Achunekang, Member representing Obanliku and Chairman of the Appropriation Committee further observed that work on major roads and industries initiated by the Ayade administration has stopped due to the State’s low resources adding that “the prospect of the projects becoming abandoned is high if nothing is done”.

According to Achunekang, “this request is, therefore, State Government’s effort at sustaining the developmental projects particularly in the area of industrialization and provision of social infrastructure.”

Members in granting the approval sued for the even spread of the projects to cover the 25 constituencies of the State as well as the completion of projects earlier started by previous administrations to guarantee the impact of governance across the State.

Members who agreed that Governor Ayade has a big vision for the State, however, sued for the implementation of projects that will improve the lives of the masses.

The Speaker, Rt Hon Eteng Williams expressed appreciation to the Committee for a thorough job and the Members for their robust contributions and directed that the Assembly’s resolutions be forwarded to the Governor for implementation.

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