The Abia State House of Assembly has approved a request sent to it by Governor Okezie Ikpeazu to raise a loan of N30bn from commercial banks.
Ikpeazu had sought the approval of the House for a loan to enable his administration meet its financial obligations.
The Speaker of the House, Mr. Martins Azubuike, who announced the approval at the House plenary sitting on Wednesday, said the request had been duly considered by members earlier at an executive session.
He noted that the approval had become necessary following the decline in the federal allocation accruing to the state as well as the apathy of residents about tax – a development, he said, had adversely affected the revenue of the state .
The Speaker said the House after due considerations of the prevailing circumstances decided to approve the request to enable the government function effectively.
He said the loan would also assist the state government to fund the construction and re- construction of roads in the three senatorial zones of the state as well as the construction of drainages and dredging of the Aba River.
The Speaker further said the loan would help the governor construct at least a modern hospital in each of the senatorial districts as well as to build an industrial hub in Aba.
He, therefore, urged the executive to ensure the judicious deployment of the loan when accessed.
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