BY: VITALIS UGOH, Calabar
Cross River Legislature has granted the state governor Senator Ben Ayade’s request for a resolution to revalidate a credit facility of N1, 510,664,674.26 (One Billion, Five Hundred and Ten Million, Six Hundred and Sixty Four Thousand, Six Hundred and Seventy four Naira, twenty Six Kobo) from United Bank For Africa (UBA).
The credit faculty is offered at an interest rate of 15%, management fee of 1% per annum and repayable over 36 months, our sources revealed.
The approval was granted after the Lawmakers had deliberated on a letter signed by the Secretary to the State Government, Barr. Tina Agbor, conveying the governor’s request.
According to her ,”it is for the purpose of financing the Counterpart funding requirement to access funds from the federal government of Nigeria”.
The letter indicated that the State Executive Council had earlier at its CRSEXCO 2018/5th meeting held on 25th May 2018 approved acceptance of an offer of credit facility of N2.5 Billion from UBA to finance States Counterpart funding for the World Bank/Federal Government and EU-UNICEF for development projects for 2019.
She said that the balance of N999, 335, 325, 74 will be Newmap Projects in the state.