Endurance Onun | Moonlight News:
Whereas the State House of Assembly recently gave the Governor the permission to withdraw fifty million naira (N50m) from each of the 18 local government bank accounts as respective equity in the fight against Corona Virus spread, and whereas the total amount of money realised from the said withdrawals was nine hundred million naira (N900m).
However, the Cross River State House of Assembly has again approved a two billion naira (N2b) loan facility from First Bank of Nigeria to assist the State Government in its fight against the spread of the virus in the state.
Sitting on a request sent by the Governor and contained in a letter signed by the Secretary to the State Government (SSG), Barr. Tina Agbor, the Assembly resolved for the State Government to accept an “offer of 120 days temporary overdraft facility of N2 billion from First Bank”.
According to the said letter, the overdraft was necessary to “cushion the effect and consequences of the current corona virus pandemic which has affected the financial status of the State.
“The credit facility has become necessary because of a shortfall in both the Federal allocation and internally generated revenue which is making it difficult for the State Government to meet urgent needs and important demands”.