By Chioma Onuegbu, Uyo

Akwa Ibom State House of Assembly has granted the request by the state Governor, Mr Udom Emmanuel to raise the sum of one hundred and fifty billion naira, N150bn from the money market to fund all ongoing projects.

Emmanuel’s request was contained in a
letter and read on the floor of the House by Clerk of the House Mrs. Mandu Umoren during yesterday plenary.

According to the letter the governor explained that government would raise the N150billion loan either through Promissory note discounting or Direct credit substitute to complete the projects.

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He also explained that one advantage of the financial instrument was that it would not require Irrevocable Standing Payment Order (ISPO) or any guarantee, therefore no monthly deduction would be made from the federal allocations to the state.

He added that the fund would be applied for the completion of projects such as Airport terminal building, Taxi-way and drainage at the Airport.

Leading debate on the matter, Leader of the House, Sir Udo Kieran-Akpan said there was no issue since the governor said the loan facility does not require deduction from allocations to the state.

Akpan stressed, “If the money is not going to be deducted from the federation account, that means we have no issue because what would have been an issue is how do we get the money refunded.

“Having looked at what he wants to do with the money, I believe that it is something that is good for Akwa Ibom people.

“The Airport terminal building, the taxi way construction, drainage system in the airport, payment for other projects that were done before the governor came in and the major road construction spanning the 31 LGAs of the state, he needs the money for these projects to be done”

Akpan, however, advised House committees to make sure that the Ministries, Departments and Agencies(MDAs) were properly oversighted to ensure that the fund was properly utilized to completed the said projects, and not diverted for another purpose.

In his remark, the Speakers, Mr. Aniekan Bassey directed the Clerk to communicate the resolution of the House to the governor.