CRHA GRANTS APPROVAL FOR A CREDIT FACILITY FROM ZENITH BANK PLC.

Itam Ofor, Abara Etop.

The Cross River State House of Assembly has granted approval for the State Government to obtain a loan facility from Zenith Bank PLC, to the sum of of 1,519,884,078.86 (one Billion five hundred and Nineteen Million Eight hundred and Eighty Four Thousand Seventy Eight Naira Eighty six Kobo, (only) as counterpart funding in respect of the Universal Basic Education, UBE projects in the State.


In a correspondent dated 24th October, 2019, addressed to the Speaker and Honorable Members, requesting the House resolution to enable the State accessed and finance it's 50% Contribution to the  Universal Basic Education UBE projects in the State in fulfilment of her obligation, the correspondence also noted that the facility will provide a temporary funding to Government, adding that the facility is offered on a 36 monthly tenor at 15% interest rate.


Contributing to the request, the Member representing Bekwara State Constituency, Hon. Edward Ajang, urged the House to grant approval as requested, noting that the correspondence seeks approval to finance a 50% counterpart funding for Universal Basic Education projects  for the State.


While the Member representing Obanliku State Constituency, Hon. Sunday Ikwen Achunekang, lamented that hence the State is less privilege in Education, the approval will enable the State access additional funds, it therefore requires speedy consideration.


On his part, Rt. Hon. Friday Okpeche, Member, representing Obubra 1, was of the view that since the request will assist the State access more funds to rehabilitate Primary Schools for Children in the State and improve on the Education, he called on membbers to support the request.
Akamkpa 1 representative, Rt. Hon. Mathew Olory, reminded the authorities that when this funds are approved SUBEB in the State, should as a policy, spread their construction/rehabilitation to rural Communities of the State.

The Member representing Boki 11 Rt. Hon. Hilary Bisong, submitted that the request should be reffered the House Committee on Finance and Appropriation to meet with the relevant Stakeholders to interface for proper briefing.

The Speaker, in his wisdom, urged Members to support the request to enable the State be a part of the grant from the Federal Government, the House however granted the approval in a resolution as requested by the State  and then adjourned to Wednesday, October 30 2019, for plenary.