By TONY NYONG
UYO—Akwa Ibom State House of Assembly, yesterday,  passed a resolution, empowering the state executive to obtain a N50 billion loan from financial institution.

Speaker of the House, Mr Samuel Ikon, said  based on the explanation given by the Commissioner of Finance, Mr Bassey Albert, that the loan would be used with probity by the executive, the House had no option other than to approval the request.

Ikon directed the Clerk of the House, Mrs Mandu Umoren, to communicate the resolution to the governor within 24 hours.

He added that the Commissioner had assured members and Akwa Ibom people that the repayment period for the loan would not exceed the live span of the current dministration.

Earlier, the Clerk read a correspondence from the governor, seeking approval to enable the executive obtain the N50billion loan for the purpose of completing Ibom Tropicana, Olympic Stadium, second run way at Ibom International Airport projects and other road network under construction.

Leader of the House, Mr Okpolupum Ette, moved the motion for the letter to be received and was seconded by Mr Ime Okon.

After exhaustive deliberations, members said that there was need for the loan to enable the governor complete all the on-going projects in the state.

Ekong Sampson, representing Mkpat Enin, said, “The purpose for which this loan is sought is genuine and must be supported to avoid abandoned projects.”

A bill for a law to establish Contributory Pension’s Scheme for all employees of Akwa Ibom State also passed through second reading in the House.

The contributory pension bill when pass into law will enable government to set up machinery to regularise the pension in the state.