The Rivers State Executive Council on Tuesday gave approval for the state to access N15 billion facility from the Central Bank of Nigeria (CBN) Infrastructure Fund in order to accelerate the completion of three critical projects.
The three major projects include Oyigbo-Okoloma Road; Chokocho-Igbodo Road and the construction of the 10th flyover by Governor Nyesom Wike’s administration at Rumuokwurushi-Elimgbu.
Briefing journalists at Government House, Port Harcourt after the Executive Council meeting, the Commissioner for Finance, Isaac Kamalu, said the state government felt that one way it could fast-track the completion of the projects would be to access the CBN Infrastructure Fund, considering that the facility has a very low-interest rate of five per cent.
“Council in her deliberations at the Executive Council meeting today (Wednesday) approved that the Rivers State Government should access the Central Bank of Nigeria Infrastructure Support Facility to the tune of N15 billion.
“This will be utilised as further support for the critical infrastructure that the state is embarking and presently prosecuting, which are the Chokocho-Igbodo Road in Etche Local Government; the Oyigbo-Okoloma Road in Oyigbo Local Government Area and the Rumuokwurushi -Elimgbu flyover.
“You will recall that prior to now, the Rivers State Government had accessed funds for these projects. However, these funds even if put together will not be able to accomplish these three critical projects mentioned.
“And so, government felt that one way it could fast track the completion these projects will be to participate in this Central Bank Infrastructure Facility, considering that the facility has a very low-interest rate of 5 per cent, repayable within 20 years with three years moratorium.”
