Rivers govt to access N15bn from CBN to fund projects

The Rivers State Executive Council, on Wednesday, gave approval for the state government to access N15 billion facility from the Central Bank of Nigeria (CBN’s) Infrastructure Fund, to enable the state to complete three critical projects.

Mr. Isaac Kamalu, the state Commissioner for Finance, disclosed this at a briefing after the Executive Council meeting in Port Harcourt.

Kamalu said that the three major projects are the Oyigbo-Okoloma Road; Chokocho-Igbodo Road and construction of the 10th flyover by the administration at Rumuokwurushi-Elimgbu.

He said that accessing the fund could fast track the completion of these projects, considering the benefit of the facility, at a very low interest rate of 5 per cent repayable within 20 years, with three years moratorium.

“In her deliberations at the Executive Council meeting today, Council approved that the Rivers state government should access the Central Bank of Nigeria Infrastructure Support Facility to the tune of N15 billion,” he said.

Kamalu expressed optimism that the N15 billion facility would be a very good support to ensure that these projects were delivered on time and served the interest of the state.

The council also took the decision to recover dilapidated government quarters from civil servants and illegal occupants, within the old and New Government Residential Area (GRA), Port Harcourt, and reallocate them to competent private individuals.

Mr Paulinus Nsirim, the state Commissioner for Information and Communications, further explained that the Council took this decision because some of the properties were fraudulently acquired by retired civil servants, through dubious processes of allocation and sale.
TheStar