By Itam Offor
The House of Assembly has in a resolution granted approval for the State Government to accept an offer of 120 days temporary over draft facility of N 2 billion from first bank.
The request for the Assembly’s approval was contained in a letter signed by the Secretary to the State Government, Barr. Tina Agbor which stated that the over draft facility was intended to ; “cushion the effect and consequences of the current corona virus pandemic which has affected the financial status of the State.”
According to the SSG; “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”.
Members in separate remarks lamented the current economic challenges faced by not just Cross River but others States as a result of the COVID 19 pandemic and noted that the facility will assist the State Government strengthen it’s lean finances.