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Ayade gets nod to secure N35b loan in Cross River

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The Cross River House of Assembly has granted Governor Ben Ayade’s request to secure N35 billion loan from three commercial banks in the state.

With the new approval, the debt profile of the state has risen from N146 billion to N181 billion.

Two weeks ago, the Secretary to the State Government, Tina Agbor, had in a letter to the lawmakers dated January 14,2019 observed:

“In line with the desire to make Cross River an industrialised state, government has approached the United Bank for Africa (UBA) of a loan facility of N15 billion for developmental and allied projects in the state”, adding: ‘’The facility is offered for 120 months tenor at an interest rate of 15 per cent per annum.”

Last Tuesday, the legislature had received a fresh loan request for a N10 billion each from First Bank and Zenith Bank for the development of the state.

The request had ruffled feathers resulting in the Committee of Finance and Appropriation being asked to thoroughly scrutinise the proposal.

But yesterday, the House at plenary presided over by Speaker Eteng Williams Jonah gave approval for the loans, insisting on the judicious use of the funds for the development of the state.


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