The assembly said it gave the governor’s request accelerated hearing.

The Akwa Ibom State House of Assembly on Tuesday approved the request by Governor Godswill Akpabio to borrow $500 million (N78 billion) from the Standard Chartered Bank International, London.

The Chairman of the House Committee on Appropriation and Finance, Onofiok Luke, said this at the plenary session of the house.

He said the committee gave the request of the governor accelerated hearing as demanded.

Mr. Luke added that the committee organised a public hearing to ascertain why the government needed the loan “at this time” before approving the request.

“The committee hereby recommends to the house for approval of the request of the governor to obtain the 500 million dollars from Standard Chartered International Bank of London,” he said.

He added that the approval was “based on the clarity given by the Commissioner for Finance and Economic Development, and the commitment of Governor Godswill Akpabio to the initiation and completion of life-touching projects”.

The Chairman said that the Assembly also considered “the need to bring down the cost of governance and make some financial savings for the well being of the people of Akwa Ibom”.

The Assembly Leader, Okpolupum Ette, moved the motion and the report of the committee was accepted; as the house approved the loan for the government.

The Speaker, Samuel Ikon, commended the governor for seeking the loan to reduce double digit interest rate to single digit but advised that the facility should be used for the purpose intended.

Mr. Akpabio, on April 18, sought the approval of the Assembly for the loan.

According to him, the proceeds of the facility will be utilised to offset all outstanding loan commitments of the state government to UBA Plc.

He added that the loan would drastically reduce the applicable interest that government would have paid on the facility from UBA Plc which ran into billions of naira.

The governor said that the loan from UBA attracted interest rate of 18.5 per cent, while standard chartered bank international loan rate was 8.19 per cent.

http://premiumtimesng.com/regional/131068-akwa-ibom-assembly-approves-n78bn-loan-five-days-after-akpabios-demand.html

He added that the approval was “based on the clarity given by the Commissioner for Finance and Economic Development, and the commitment of Governor Godswill Akpabio to the initiation and completion of life-touching projects”.


Please what is the life touching projects? Just stealing in daylight.Akpabio's admirers please defend this

ALL MEMBERS OF THE AKWA IBOM STATE HOUSE OF ASSEMBLY TO PARTICIPATE IN
THE AKWA IBOM STATE ECONOMIC SUMMIT/INVESTMENT EXPO 2012 AND LEGISLATORS’ WORKSHOP
IN HOUSTON, TEXAS

Rt. Hon. (Elder) Samuel Ikon
Speaker, Akwa Ibom State House of Assembly

The Rt. Hon. (Elder) Samuel Ikon, Speaker of the Akwa Ibom State House of Assembly, will lead a team of twenty-six honorable members of the Akwa Ibom State legislature to Houston, Texas.

While in Houston, starting early August 2012, the legislators will participate in the Akwa Ibom State Economic Summit and Investment Expo 2012 followed by a week long Legislators’ Workshop on effective governance.

AIDN warmly welcomes the State legislators, proudly noting that the fifth session of the Akwa Ibom State House of Assembly has registered already as one the most prolific sessions ever in the history of Akwa Ibom State.http://africanspotlight.com/blog/2012/07/28/union-reveals-how-akwa-ibom-govt-launders-money-in-us/

The whole state house actually left their own state to organize and attend economic summit away from their own state and resources..? This is sad and not funny, but I'll laugh regardless...

Ultimate estacode fraud, redundancy and impunity.....

Borrowing to pay a Debt

Robbery in broad daylight.

If Oil producing states are getting loans such as this, what should Kwara and Niger do o?

Akpabio wants to live Akwa Ibom in penury like Donald Duke left Cross Rivers.

we got news the loan have been given but we never get a news if its was paid

otokx: Akpabio wants to live Akwa Ibom in penury like Donald Duke left Cross Rivers.

Very soon all his tricks will be exposed, How can a 4 lane road be costing 2 billion Naira per kilometre ,Only in Akwa Ibom

EPOMA:

Very soon all his tricks will be exposed, How can a 4 lane road be costing 2 billion Naira per kilometre ,Only in Akwa Ibom

That was why Oshiomhole chased the same crooks away from Edo state! Oh.. Akwa-Ibom has gone to the dogs

And some morons had the guts to say dt one Ogun state lawmaker na 419!!!
Wetin this one be, 5-2-10?
Una no well o!

STUPID SO STUPID, Who takes out a loan to pay a loan, and then the stuipd lawmakers will take thier too know big head and approve it too mtcheww nonsense

eko ilee: ALL MEMBERS OF THE AKWA IBOM STATE HOUSE OF ASSEMBLY TO PARTICIPATE IN
THE AKWA IBOM STATE ECONOMIC SUMMIT/INVESTMENT EXPO 2012 AND LEGISLATORS’ WORKSHOP
IN HOUSTON, TEXAS

The whole state house actually left their own state to organize and attend economic summit away from their own state and resources..? This is sad and not funny, but I'll laugh regardless...

Ultimate estacode fraud, redundancy and impunity.....

This is a rib-cracker

Who are all these paid laptop dogs who have become so interested in Akwa ibom affairs!

I would love the above laptop dogs to list the number of states in Nigeria that are considered credit worthy by a reputable bank like standard c of london to the tone of $500 million at 8.5% interest rate? To qualify for such an amount of loan At such A good interest rate means that your finances is in order and the state government should be commended for that.
Having said that,Government all over the world is ran on credit/debt. and All i repeat All states in Nigeria including the federal govt takes out loans for its projects.
The management of these loans is where many govt.fail woefully, I commend the state govt for its fore sight of paying off a toxic loan at and interest rate of over 18% that would have have handicapped the state, with a better loan facility that saves the state an interest rate of over 10% which amount to a lot of money rather than leave it for his successor to sort as many Nigerian government do. Anyone who knows anything about money market should commend the effort on part of the governor rather than the vituperation.
The ideal situation should be to run a government without borrowing or taking loans but there is no such government in the world today.

I understand the fact that you guys have been paid to rubbish Governor Akpabio, for any mud to stick on him it has to be something credible not all these flimsy excuses that you guys come up with all the time. With the amount that you haters have been paid i would have expected you to do a better job than this.
The Akwa Ibom people are happy with their governor! because he is a promise keeper when he says it he does it. Can any of you haters say that about your respective governors?

ujoinme: I understand the fact that you guys have been paid to rubbish Governor Akpabio, for any mud to stick on him it has to be something credible not all these flimsy excuses that you guys come up with all the time. With the amount that you haters have been paid i would have expected you to do a better job than this.
The Akwa Ibom people are happy with their governor! because he is a promise keeper when he says it he does it. Can any of you haters say that about your respective governors?

UNCOMMON TRANSFORMATION CORRUPTION

EPOMA:

Very soon all his tricks will be exposed, How can a 4 lane road be costing 2 billion Naira per kilometre ,Only in Akwa Ibom

Very soon all his tricks will be exposed, How can a 4 lane road be costing 2 billion Naira per kilometre ,Only in Akwa Ibom[/quote]
At least you agree its a 4 lane road dualized, with flyover and drainage built by the world renouned julius berger with 20 yrs warranty running across the lenght and breadth of the state, that most nigerians who have travelled on it praise the governor for his foresight. except for APC laptop dogs like you who lack discernment but only regurgitate your masters talking points.
Compare that to your APC governor who built a 2.5Km road for 1.3Billon naira , whichis a single lane road , no drainage without warranty built by a quack construction firm that will have pot holes in less than six months.
Give me akpabio any time of the day even with his borrowed funds and i will take him over your APC govt. at least he borrows to build solid infrastructures unlike your APC goons that borrow to build air conditioned pedstrain walkways.
I bet even the ppl of you APC states wish for governor with a foresight like Akpabio. read this http://premiumtimesng.com/news/national/5340-ogun_to_construct_air-conditioned_pedestrian_bridge.html

Royalty1: Borrowing to pay a Debt

Robbery in broad daylight.

If Oil producing states are getting loans such as this, what should Kwara and Niger do o?

Sell slaves to generate revenue

That governor is still above average in performance, but $0.5billion is a huge sum. This loan should make that state top debtors list in the country when taken.

Akwa ibm state recieves the highest allocation in Nigeria. The state has monthly revenue of more than 30billion naira. Apart from the projects he embark upon on his first term what major project has he embark in this second tenure. I belief this second tenure is for looting.