Wike Set To Utilize CBN Loan For Funding 3 Road Projects.
The Rivers State administration has decided to tap into a N15 billion infrastructure fund managed by the Central Bank of Nigeria (CBN) to speed up the completion of three key road projects in the state.
Under Governor Nyesom Wike’s administration, the CBN facility will be committed to the completion of the Oyigbo-Okoloma and Chokocho-Igbodo Roads, as well as the construction of a 10th flyover at Rumuokwurushi-Elimgbu in Port Harcourt metropolis, according to a resolution passed by the State Executive Council and backed by the state House of Assembly.
Commissioner for Finance, Isaac Kamalu, said yesterday at a press conference following the State Executive Council meeting at Government House in Port Harcourt, “the state government has, before to today, obtained monies for these projects. However, these funds, even if put together, will not be able to accomplish these three critical projects mentioned.“
So government felt one way it could fast track these projects will be to participate in this CBN infrastructure facility, considering that the facility has low interest rate of 5 percent, repayable within 20 years with three years moratorium.”
READ ALSO: Edo Assembly Passes LGA Amendment Bill
The state council also decided to reclaim decrepit government quarters from civil servants and unlawful inhabitants in Port Harcourt’s Old and New Government Residential Areas, GRA, and redistribute them to qualified private persons.
According to Paulinus Nsirim, the Commissioner for Information and Communications, the Council made the decision because some of these properties were improperly obtained by retired state workers through questionable allocation and sale processes.
According to him, “The properties were totally uninhabitable and converted into commercial and business uses. In some cases, they were sublet to private tenants, as well as the use of the premises for poultries, fish ponds, barbing saloons, and other unauthorized uses.
“The Task Force set up by the Rivers State Government to look into this matter found out that some of these properties were found to be under illegal occupants by non-civil servants, some of whom are non indigenes.
“This necessitated the recovery of these properties as part of government’s urban renewal programme, with the civil servant occupants being reallocated to alternative private properties through financial support provided by the State government.”