Again, Rivers exco gives approval to access N15b CBN fund
Again, Rivers State Executive Council has approved access to N15 billion facility from the Central Bank of Nigeria (CBN) Infrastructure Fund, to accelerate the completion of three critical projects.
According to a statement signed by Kelvin Ebiri, Special Assistant on Media, to Governor Nyesom Wike, the three major projects are the -Okoloma Road; Chokocho-Igbodo Road and construction of the 10th flyover by Governor Nyesom Ezenwo Wike’s administration at Rumuokwurushi-Elimgbu.
The statement noted that the Commissioner for Finance, Isaac Kamalu, after the Council meeting told newsmen that the state government felt that one way it could fast-track the completion of these projects would be to access the CBN Infrastructure Fund, considering that the facility has a very low interest rate of five per cent.
The statement reads: “Council in her deliberations at the Executive Council meeting today (Wednesday) approved that the Rivers State Government should access the Central Bank of Nigeria Infrastructure Support Facility to the tune of N15billion.
“This will be utilised as further support for the critical infrastructure that the state is embarking and presently prosecuting, which are the Chokocho-Igbodo Road in Etche council; the Oyigbo-Okoloma Road in Oyigbo council and the Rumuokwurushi -Elimgbu flyover.
“You will recall that prior to now, the Rivers State Government had accessed funds for these projects. However, these funds even if put together will not be able to accomplish these three critical projects mentioned. And so, government felt that one way it could fast-track the completion of these projects will be to participate in this Central Bank Infrastructure Facility, considering that the facility has a very low interest rate of five per cent, repayable within 20 years with three years moratorium.”
Kamalu expressed optimism that the N15 billion facility will be very good support to ensure that these projects are delivered on time and serve the interest of the state.