The Rivers State Executive Council has approved a N25 billion loan from Zenith Bank for the funding of some state governments projects.
The approval was given during the Executive Council meeting presided over by Governor Nyesom Wike on Monday, September 27, 2021.
The government intends to repay the loans within 18 months from the state internally generated revenue, IGR
Addressing journalists after the meeting, the commissioner for information and Communications; Paulinus Nsirim said the loan is meant to fund projects that would enhance development in the state.
According to him, the projects that would be funded with the loan include; the Nabo Graham-Douglas Campus of the Nigerian Law School at Rumueme, Port Harcourt, the Chokocho-Igbodo Road in Etche Local Government Area, the Oyigbo-Afam Road in Oyigbo Local Government Area.
Others include; the construction of new Magistrate courts, construction of Judicial Institute for training of judicial officers in the State that would enhance justice delivery, and the Rumuokwurusi-Elimgbu flyover, which would be the tenth flyover that will be constructed by the Governor Wike’s administration.
In his words, “This loan has a repayment period of 18 months, with effect from October 2021, and to be completed in April 2023 from the State’s Internally Generated Revenue. The repayment period is N1, 547, 874, 350.66 monthly.”
He reaffirmed Governor Wike’s administration commitment to ensure that all projects that are started by the government are completed before the end of the tenure.