By Davies Iheamnachor, PORT HARCOURT
The Rivers State Government has has approved a N25 billion (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 state said the loan would be repaid within eighteen months from the State Internally Generated Revenue (IGR).
This approval was given during the Rivers State Executive Council meeting presided over by Governor Nyesom Ezenwo Wike at the Government House, Port Harcourt, yesterday.
The Commissioner for Information and Communications, Paulinus Nsirim, who disclosed this while addressing pressmen after the meeting, noted 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 enumerated that projects to be funded with the loan if obtained included, 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 projects 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.
He said: “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.
Nsirim said the wide range of projects were people oriented and intended to further enhance development in all the nooks and crannies of the State.
He, however, reiterated Wike-led administration’s resolve to ensure that all projects that are initiated by the government were completed before the end of the tenure, maintaining that the administration would not abandon any project it initiated.