The Cross River State House of Assembly on Thursday approved the request of Governor Ben Ayade to secure a N30bn loan to fast-track some development projects.
The loan is expected to be sourced from Zenith Bank and the United Bank of Africa.
The governor’s request for the loan was communicated to the House through four separate letters with reference numbers SSG/GSA/S/300/Vol. XVII/730-733, dated September 15, 2015 and signed by the Permanent Secretary, Administration, in the Office of the Secretary to the State Government, Mrs. Elizabeth Etu.
As a result of the urgency of the request, the Speaker of the Assembly, Mr. John Lebo, summoned the lawmakers back from recess.
After deliberations, a motion on the resolution was moved by the member representing Yakurr 2 constituency, Mr. Eteng Williams, and was seconded by the Deputy Majority Leader of the House, Mr. Simon Egbong (Ikom 1 constituency).
The breakdown indicated that the governor will secure N10bn from Zenith Bank to finance recurrent expenditures and infrastructural projects while another N10bn will be sourced from UBA for some infrastructural and industrial development.
The loan from UBA will cater for a proposed rice factory in the state while another N5bn from the same bank would be used for commercial agricultural credit scheme to finance commercial agricultural activities.
Similarly, the last N5bn, which would still be secured from UBA, is expected to boost the entire agricultural sector.
