Rivers State House of Assembly has given approval to Governor Nyesom Wike, to obtain a N10 billion bailout fund from the Federal Government.

The approval was given on Thursday during plenary following a notification letter from the state governor to the Speaker, Dabotoru Adams, informing him of his intention to apply for bailout fund from the Federal Government.

Wike was said to have stated in the letter, that the fund would be specifically used for salary and pension payments. The governor stated further in the letter that the monthly N3.5 billion received from the federal allocation could not meet its obligations on the monthly wage bill of workers and pensioners.

According to the governor, the N10 billion bailout fund would be collected from the Central Bank of Nigeria, CBN. Before the lawmakers were allowed to debate matter, the Speaker of the House, Adams, told his colleagues to approve the governor’s request to enable his administration fulfill its obligations to Rivers people.

Governor Wike’s loan (Date and Amount):

11th June 2015 = N10 billion
30th June 2015 = N20 billion
8th July 2015 = N30 billion
12th November 2015 = N10 billion
8th April 2016 = N10 billion.
19th May 2016 = N10 billion.
A total of N90 billion borrowed since 29th May 2015 in less than a year.

Adams said the state government had not gone for the bailout fund before, adding that the need for it became inevitable due to drop on federal allocation. Leader of the House, Martin Amaewhule, Chief Whip, Evans Bipi, and others lawmakers, who contributed during the debate, agreed that there was need for the governor to go for the N10 billion bailout fund due to the dwindling revenue.

Meanwhile, the lawmakers re-elected Amaewhule and Major Jack, as Leader and Deputy Whip of the House of Assembly, after their victory at the March 19, 2016, rerun elections in the state.

Nationalmirroronline…..

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