Rivers State Executive Council has approved a N25billion (Twenty Five Billion Naira) loan from Zenith Bank for the funding of the Oyigbo-Afam Road, Chokocho-Igbodo Road, the tenth flyover in Port Harcourt and other projects.
The government said the loan would be repaid within eighteen months from the State Internally Generated Revenue (IGR).
Approval for the loan was given during the Rivers State Executive Council meeting presided over by Governor Nyesom Ezenwo Wike at the Government House, Port Harcourt on Monday.
Briefing journalists on the outcome of Monday’s meeting, the Commissioner for Information and Communications, Paulinus Nsirim, explained that the loan would be used to fund people oriented projects that would further enhance development in all the nooks and crannies of the State.
Nsirim said projects to 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 are the construction of new Magistrate courts, construction of Judicial Institute for training of judicial officers in the State that would enhance the justice delivery and the Rumuokwurusi-Elimgbu flyover, which would be the tenth flyover that will be constructed by the Governor Wike’s administration.
“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.”
The Commissioner for Information and Communications remarked that all these wide range of projects are people oriented and they are intended to further enhance development in all the nooks and crannies of the State.
He reaffirmed Governor Wike’s administration avowed commitment to ensure that all projects that are initiated by the government are completed before the end of his tenure.
Nsirim further maintained that the Governor Wike led administration will not abandon any project it initiated.
