Headline Local News

A’Ibom Assembly approves N18.76bn loan request

Akwa Ibom State House of Assembly has granted the request of State Government to access the Federal Government’s building facility of eighteen point seven six billion naira.

The State Governor, Mr Udom Emmanuel had sent a letter to the House, read by the Clerk, Mrs Mandu Umoren.

The House Leader, Mr Udo Kieran-Akpan explained that the facility was available to all states at an interest rate of nine percent and a 30 year repayment period with a two year moratorium.

Mr Kieran Akpan emphasized that the facility would assist the completion of ongoing projects in the state.

While noting that the state did not take any loan from the Federal Government during the height of the Covid-19 pandemic as other states, the House leader stressed that it was important to be part of this current facility which has a longer repayment period.

After due consideration of the request by members, the House passed a resolution authorizing the State Government to access the building facility.

Reporting by Uko Sam; Edited by Adeniyi Bakare