Akwa Ibom State House of Assembly, thursday approved the participation of Akwa Ibom State in the federal government budget support facility in the sum of N14.16 Billion(Fourteen Billion Sixteen Million Naira). This is to enable the state government carry out its planned projects.
The House approval is sequel to a request forwarded to the lawmakers by Governor Udom Emmanuel seeking their approval to enable the state access the federal goverment conditional budget facility guarantee to states.
Leading the debate on the governor's message, Majority Leader of the House, Rt. Hon. Udo Kierian Akpan while urging his colleagues to grant the request a speedy attention, explained that the budget support facility offers a subsidized interest rate of 9 percent, with one-year moratorium and ten year tenure. He further explained that that'' the repayments have been scrutinized against future dividends or refunds due to the federal government''.
Contributing, Rt. Hon. Friday Iwok, Hon. Aniekan Uko, and Hon. Samuel Ufo, among others while throwing their weight behind the request, agreed that it was necessary for the state to benefit from the support facility to enable the state cushion the effects of the present economic realities.
The Ibesikpo Asutan representative, Hon. Uko observed that the fund would go a long way in meeting government obligations to pensioners who are passing through hard times.
In their debate, the legislators praised governor Udom Emmanuel for his prudent management of funds, saying, they were confident that the N 14.16b Billion budget support fund approved by the House will be judiciously applied in the implementation of people oriented projects as captured in the 2016 budget.
Speaker, Rt. Hon Onofiok Luke commended the lawmakers for their swift responds to the yearnings and aspiration of Akwa Ibom people. He thanked President Muhammadu Buhari, the Federal Ministry of Finance, as well as National Economic Council for the initiative in fashioning out a window that would enable states navigate the present economic challenges and meet her obligations.
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