A loan of N5 billion have been approved by the Akwa Ibom State House of Assembly yesterday for the Governor Udom Emmanuel to enable the government finish up some projects.
In the two letters addressed to the Speaker, Onofiok Luke, and read by the Clerk of the House, Mrs Mandu Umoren, Emmanuel said: “United Bank for Africa (UBA) has agreed to offer the facility to the contractor – Wizchino Engineering Limited at an interest rate of 14.5 per cent per annum payable within 36 months .”
The Assembly also approved the government’s’ request for approval to guarantee N10 billion contractor’s finance scheme for the dualisation of Etinan-Ndon Eyo road.
Members of the House spoke in favour of the requests.
Both requests were granted after the Speaker opened the floor for contrary opinions on the request but none spoke.
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