Governor Nyesom Wike’s N10 billion loan request on Thursday received the approval of the Rivers State House of Assembly.
The governor had sent a letter to the House of Assembly asking that he should be granted approval to secure the loan that would be used to fund some major projects in the state.
When the matter was put to a vote, the 28 lawmakers voted in favour.
Speaker of the House, Mr. Ikuinyi Ibani, in his remark, explained that it would be difficult for any government to survive without funds to operate.
Ibani, who noted that the House would not be involved in frivolous approvals, added that the state legislature would endorse transparent and sincere requests that would benefit the people of the state.
Revealing that the immediate past administration bequeathed an empty treasury, the speaker pointed out that the loan would be taken from Zenith Bank and repaid through Valued Added Tax.
He said, “He (Wike) cannot do that without cash back. No government can run without a financial base. We must provide succour for our people, so that they can begin to see changes between yesterday and today.
“This Assembly will not engage in frivolous approval and resolutions. As an Assembly, we have the responsibility to know what the funds sought are meant for”.