The Akwa Ibom State House of Assembly yesterday approved the N5 billion loan request by Governor Udom Emmanuel to enable the government complete some projects.
The Assembly also approved the governor’s request for approval to guarantee N10 billion contractor’s finance scheme for the dualisation of Etinan-Ndon Eyo road.
In the two letters addressed to the Speaker, Onofiok Luke, and read by the Clerk of the House, Mrs Mandu Umoren, Gov. Emmanuel said: “United Bank for Africa (UBA) has agreed to offer the facility to the contractor – Wizchino Engineering Limited at an interest rate of 14.5 per cent per annum payable within 36 months”.
Members of the Assembly spoke in favour of the requests and when the Speaker opened the floor for any objections to the requests, there was none.