Rivers Assembly approves N10bn bailout fund for Gov. Wike

RIVERS State governor, Nyesom Wike, on Thursday, got approval from the state House of Assembly to source for N10 billion bailout fund from the Federal Government.
The approval was given during plenary following a notification letter written by the governor to the Speaker, Honourable Dabotoru Adams, informing him of his administration’s intention to apply for the bailout fund.
Governor Wike was said to have stated in the letter that the fund would be specifically used for the payment of salary and pension.
He further stated in the letter that the monthly N3.5 billion received from the federal allocation could not meet its obligations on the monthly wage bill of workers and pensioners.
According to the governor, the N10 billion bailout fund would be collected from the Central Bank of Nigeria (CBN).
Before the debate on the matter,  the Speaker told his colleagues to approve the governor’s request, so as to enable his administration fulfill its obligations to Rivers people.
He said the state government had initially not gone for the bailout fund, but the need for it became imperative due to drop in the monthly federal allocation.
Leader of the House, Martin Amaewhule; Whip, Evans Bipi and other lawmakers who contributed during the debate, agreed that there was need for the governor to go for the N10 billion bailout fund due to the dwindling economy.
Meanwhile, the Rivers State governor, Wike has called for sustained efforts to diversify the country’s economy, following dwindling earnings from oil.
Speaking at the Government House, Port Harcourt, on Thursday, during a visit by the Executive Director  of  the  Nigerian Export Promotion Council (NEPC), Mr Olusegun Awolowo, the governor said the country  could no longer depend solely on oil earnings.
He said that Rivers State government would  partner the NEPC to develop alternative sources of foreign  exchange earnings for the state.
According  to him: “There is a need to urgently diversify the economy, because with oil, the country  cannot progress under the present dispensation.”
Earlier, Mr Awolowo had called on the Rivers State government to develop its agriculture and petrochemicals sectors to generate revenue for the state.
He said the country was facing difficult times, hence the NEPC was collaborating with states to develop  export-based products. – Tribune.