The Rivers State House of Assembly has authorised the State Governor, Chief Nyesom Wike, to access a N14.16bn Federal Government Budget Support Facility.
The 14 lawmakers, who were present at Tuesday’s plenary unanimously gave the approval based on the request of the state governor.
Wike who had written a letter to the House through the Speaker, Dabotoru Dima, explained that the approval would enable his administration to sustain the payment of salaries to civil servants and pensioners.
The governor had said in the letter that his administration had not accessed the N10bn earlier approved by the House as bailout.
He, however, added that the N14.16bn was to be collected in three tranches with nine percent one year moratorium, if approved by the state legislature.
The letter indicated that the loan would be secured on future dividends or funds accruing to the state from the Federal Government.
