By Itam Offor
The State House of Assembly has referred the request of the State Governor for approval for the acceptance of credit facility of fifteen Billion Naira (N15BN) from the United Bank for Africa Plc to its Committee on Finance and Appropriation for indebt study.
In a letter to the Assembly, the Secretary to the State Government, Barr Tina Banku Agbor, observed that; ‘’in line with the desire to make Cross River State an industrialized State, Government has approached UBA for a loan facility of N15 bn (Fiften billion naira) for developmental and allied projects in the State’’ adding that, ‘’the facility is offered for 120 month tenor at an interest rate of 15% per annum’’.
The House which deliberated extensively on the request emphasized the need for more detailed information from relevant stakeholders including the SSG and Debt Management office and referred the request to the Committee on Finance and Appropriation to report back in two weeks.
Similarly, the House also considered the State Government’s request for approval for the withdrawal of one billion five hundred million naira (N1.5 b) from the State Reserved Fund for intervention in the Education sector to its Finance and Appropriation committee with a mandate for the committee to report back in two weeks.
The request was conveyed to the House through a letter signed by the secretary to the State Government and read on the floor of the House by the clerk, Elder Bassey Ekpenyong.
Members noted that the 8th Assembly had earlier approved the sum of 2.5 Billion from the Reserve Fund for the same purpose and mandated the Finance Committee to ascertain if the fund was judiciously used.
In his ruling, the Speaker, Rt Hon Eteng Williams stressed the need for House committees to carryout effective oversight functions and be up to date in the various ongoing projects under their Ministries Departments and Agencies.
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