The Rivers State Executive Council on Monday gave the go-ahead for the state government to seek a 25bn loan facility.
The loan, according to the government, is to enable the immediate commencement of another construction on the 27km Chokocho-Igbodo Road, Oyigbo-Afam Road, Nabo Graham-Douglas Campus of the Nigerian Law School, the Judicial Institute, New Magistrate Courts and the Rumuokwurusi-Elimgbu Flyover.
The loan, which has a repayment period of 18 months, is to be repaid before the end of Governor Nyesom Wike’s administration.
However, the loan would be deducted from October 2021 through April 2023 at a monthly rate of N1,547,874,350.66 from the state’s Internally Generated Revenue.