The Akwa Ibom State House of Assembly has approved Governor Udom Emmanuel’s request to obtain N7 billion loan facility for agricultural and housing projects in the state.
The governor, in two separate messages forwarded to the House and read by Speaker at yesterday’s plenary, requested House of Assembly to authorise state government to obtain N2 billion for CBN Commercial Agricultural Credit Scheme and N5 billion for development of Housing Estates in the state.
According to the governor, the CBN Commercial Agricultural Credit Scheme would boost cultivation of cocoa, coconut and maize in the state.
“The CBN Credit Scheme is considered a very good window for state governments and corporate bodies to access credits at relatively low interest rates of five per cent per annum to develop agriculture in the state with its attendant advantages and benefits.”
The lawmakers also approved the governor’s request to obtain N5 billion from Family Home Funds to finance development of 650 affordable housing units for civil servants in the state at Ibiono Ibom and Itu Local Government Areas.
Family Home Fund is an establishment of the federal government to spearhead development of housing estates in the country and provides funding to state government and other agencies for housing projects.