The Cross River State House of Assembly has given the go-ahead to the State Government to access a loan of N1,000,000,000.00 (one billion Naira) from Zenith Bank.
The credit facility which is at an interest rate of 9% over 36 months is, according to the letter sent to the house by Secretary to the State Government, Barr. Tina Agbor, to finance the empowerment of 2000 Women farmers in the cultivation of cassava and yellow maize on 5000 hectares of land in the Northern Senatorial District of the State.
The Lawmakers gave the approval after deliberating on the letter by the SSG which conveyed the Governor’s request for the Assembly’s approval.
According to the letter, “the Cross River State Exco on CRSEXCO/3 meeting of Thursday 4th March 2021 had considered and approved the acceptance of the offer of the loan facility of N1,000,000,000.00 only from Zenith Bank PLC”.
Members, while deliberating on the letter observed that the facility will greatly improve the economic conditions of Cross River Women and further help in the reduction of poverty among the citizens. They lauded the State Governor for the initiative.
Some Members however argued against the facility emphasizing that women in the other two Senatorial districts should also be considered for equity and fairness.
The Lawmakers, in a resolution moved by House Leader, Rt. Hon. Peter Odey (Ogoja)and seconded by the Whip, Rt. Hon. Okon Ephraim (Calabar South I) agreed that the facility be approved adding that it should be extended to the Central and Southern Senatorial districts in due course.
The Speaker, Rt. Hon. Eteng Jonah Williams( Yakurr 2)directed the Clerk to forward clean copies of the resolution to the State Governor.