Rivers State Executive Council has approved a ₦25b loan request for the funding of some new and ongoing projects.
The Commissioner for Information and Communication, Paulinus Nsirim, while briefing journalists shortly after a council meeting on Monday, said the loan will be repaid within 18 months from the internally generated revenue of the state.
Mr Nsirim said some of the projects that will be funded with the loan are the Nabo Graham-Douglas Campus of the Nigerian Law School, the Chokocho-Igbodo Road in Etche LGA, and the Oyigbo-Afam Road in Oyigbo LGA.
“This loan has a repayment period of 18 months, with effect from October 2021, and to be completed in April 2023 from the State’s Internally Generated Revenue. The repayment period is N1, 547, 874, 350.66 monthly,” the Commissioner said.
The Rivers State Executive Council which is the highest decision making body within the Government is commonly referred to as the Governor’s Cabinet.
The Governor who is also member of this cabinet appoints the deputy governor, Secretary to the State Government, chief of staff, commissioners and special advisers to the cabinet.