Uyo – The Akwa Ibom House of Assembly on Thursday at plenary approved the State Government’s request to borrow N3.4 billion.
The approval followed a letter from Gov. Udom Emmanuel, seeking leave to obtain a loan of N1.490 billion to enable the state government repay its debt to the Akwa Savings and Loans Ltd.
The House also granted the governor the approval to secure a loan of N1.938 billion for the payment of the state’s counterpart funding for the Universal Basic Education programme. .
The letter, which was read by the Clerk of the House, Mrs Mandu Umoren, was received through a motion moved by the Leader of the House, Mr Udo Kerien.
The motion was seconded by the Chief Whip, Mr Emmanuel Ekpenyong, (PDP- Ini Constituency)
After careful deliberation on the matter, the lawmakers in their contributions submitted that it was important for the state government to repay the loan to Akwa Savings and Loans.
They added that the loan would also enable it stay afloat and also retain its workforce who were indigenes of the state.
According to them, the debt was incurred by the last administration to acquire major shares in the Champion Breweries Plc.
The Speaker, Onofiok Luke, commended the members for their contributions and for particularly seeing the need for the governor to secure the two loan facilities
Luke stressed that the dividends the state would get from its unit of shares in Champion Breweries Company would help to stimulate economic activities in the state.
He directed the Clerk to communicate the approval of the House to the governor for necessary action. (NAN)