Cross River Assembly orders committee to investigate how N2.5bn was expended by govt
Governor Ayade had during the last Assembly requested for N2.5billion which was approved but how it was expended was not made known to the Assembly. The Assembly has now mandated its committee to investigate how the money was used”.
Members noted that the 8th Assembly had earlier approved the sum of N2.5 Billion from the Reserve Fund for the same purpose and mandated the Finance Committee to ascertain if the fund was judiciously used. Sadly, the State Governor had, in a letter to the Assembly signed by the Secretary to the State Government, Barr Tina Banku Agbor, said that, “In line with the desire to make Cross River State an industrialized State, Government has approached UBA for a loan facility of N15B for developmental and allied projects in the State’’ adding that, “The facility is offered for 120 month tenor at an interest rate of 15% per annum’’.
The State House of Assembly has also referred the request of the State Governor for approval for the acceptance of credit facility of fifteen Billion Naira from the United Bank for Africa Plc to its Committee on Finance and Appropriation for detailed study”.
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