The Rivers State House of Assemly has approved a N100 billion loan from Zenith Bank Plc for completion of ongoing projects in the state.
During an emergency sitting in Port Harcourt, on Monday, the lawmakers voted unanimously to grant the approval.
The Speaker of the Assembly, Honourable Tonye Harry, who presided over the sitting, noted that the request for loan by the executive would have been needless had the funds from the 86 restored oil wells formerly held by Akwa Ibom State started accruing to the state.
He explained that the executive was seeking to borrow to fund ongoing projects in the state, which included water project, rural electrification and construction of six roads.
He added that instead of going to the bond market to borrow, the executive had decided to source for funds inwards to meet its immediate expenditure.
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