By Chioma Onuegbu

Uyo—THE Akwa Ibom House of Assembly has granted the state government an approval to secure a loan of N5 billion.

The approval came after deliberation by members on the letter sent to the House earlier by Governor Udom Emmanuel.

Governor  Emmanuel had in the letter dated March 29, 2015, sought the approval of the House to secure  a loan of N5 billion for the completion of ongoing capital projects embarked upon by the administration.

In the letter which was read by the Clerk of the House, Mrs Mandu Umoren, during yesterday’s plenary,  the governor explained that the loan would be collected at a liberal interest rate of 14.5 per cent with a payment period of 30 months.