By Jimitota Onoyume

PORT HARCOURT—RIVERS State House of Assembly has approved the request by Governor Nyesom Wike to access N14.16 billion Federal Government budget support facility.

Speaker of the House, Mr Adams Dima read out the letter by the governor, saying that the fund was to among other things pay salaries of civil servants and pensions.

Wike

The governor in the letter to the House, said that the facility will be collected in three installments.

“The Federal Government has offered the Rivers State Government, the sum of N14.16 billion as federally guaranteed from the Federal Government Budget Support Facility to enable us bear the present economic challenges and continuously meet our financial obligations, especially to pay civil servants and pensioners.

“The facility accessible in three tranches of N1.39 billion for three months, followed by N1.11 billion for nine months and attract a subsidised interest rate of nine per cent and one year moratorium.

“Furthermore, it is to be secured on future dividends or refunds due to the state from the Federal Government.

“As you know, the need to explore and utilise every economic opportunity to meet our financial obligation to civil servants and pensioners on a sustainable basis cannot be overemphasized. This was the basis of our earlier request for N10 billion bailout fund approved by the Federal Government for states, which regrettably has not been granted.

“However, not withstanding the frustration on our request for bailout fund, we consider the present offer of N14.16 billion Budget Support Facility to be of economic interest to Rivers State and therefore, acceptable.”

Leader of the House, Mr Martins Amewhule and other lawmakers who spoke said the facility will assist the government run the state, stressing that Governor Wike had been paying salaries and pension since he assumed office.