Africa News Bulletin

Rivers commits N15bn CBN fund to 3 road projects

Rivers State government has resolved to access a N15 billion Central Bank of Nigeria, CBN, infrastructure fund to accelerate completion of three major roads projects in the state.

The resolution by the State Executive Council, also backed by the state House of Assembly would see the CBN facility committed to the Oyigbo-Okoloma and Chokocho-Igbodo Roads completion and construction of a 10th flyover under Governor Nyesom Wike’s administration at Rumuokwurushi-Elimgbu in Port Harcourt metropolis.

In yesterday’s briefing following the State Executive Council meeting at the Government House, Port Harcourt, Commissioner for Finance, Isaac Kamalu recalled that, “the state government had, prior to now, accessed funds for these projects.

However, these funds, even if put together, will not be able to accomplish these three critical projects mentioned.

“So government felt one way it could fast track these projects will be to participate in this CBN infrastructure facility, considering that the facility has low interest rate of 5 percent, repayable within 20 years with three years moratorium.”

The state council also took decision to recover dilapidated government quarters from civil servants and illegal occupants within Old and New Government Residential Areas, GRA, Port Harcourt and reallocate them to competent private individuals.

The Commissioner for Information and Communications, Paulinus Nsirim, alleged that the Council took the decision because some of these properties were fraudulently acquired by retired civil servants through dubious processes of allocation and sale.

According to him, “The properties were totally uninhabitable and converted into commercial and business uses. In some cases, they were sublet to private tenants, as well as the use of the premises for poultries, fish ponds, barbing saloons, and other unauthorized uses.

“The Task Force set up by the Rivers State Government to look into this matter found out that some of these properties were found to be under illegal occupants by non-civil servants, some of whom are non indigenes.

“This necessitated the recovery of these properties as part of government’s urban renewal programme, with the civil servant occupants being reallocated to alternative private properties through financial support provided by the State government.”

Original story on Vanguard

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