The Rivers State Government has approved the sum of ₦25 billion for the completion of the Nigeria Law School Port Harcourt, flyover and other projects in the state.
The projects which would be financed by a loan from Zenith Bank in the state was approved at the State Executive Council on Monday.
Briefing journalists on the outcome of the meeting, the Commissioner for Information and Communications, Paulinus Nsirim, explained that the loan would be used to fund people-oriented projects that would further enhance development in all the nooks and crannies of the state.
Nsirim said projects to be funded with the loan include, the Nabo Graham-Douglas Campus of the Nigerian Law School at Rumueme, Port Harcourt, the Chokocho-Igbodo Road in Etche Local Government Area, the Oyigbo-Afam Road in Oyigbo Local Government Area.
“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 monthly,” he said.
He reaffirmed Governor Wike’s avowed commitment to ensure that all projects that are initiated by the state government are completed before the end of the tenure, adding that no project will be abandoned.
On his part, the Commissioner for Works, Elloka Tasie-Amadi, said the N25 billion loan was deemed necessary because all the projects it would be used to fund are time-bound.
“The loan was deemed necessary because if you consider all the projects intended to be funded by this loan,” he said.
“For instance, the Oyigbo-Afam Road or the 27-kilometer Chokocho-Igbodo Road, these projects have construction time, which means that it is very important that we commence the projects immediately and take advantage of the coming dry season as well.
“We also have considered the inflationary trend in the country and found out that we don’t know what the prices of these projects will become if we take much longer time to activate them. So, these considerations have made the Rivers state government take this loan from Zenith Bank to fund all these projects.”