We’ve seen states like our neighbouring Benue, Osun, Ekiti and many others collects the 2016 FG’s Bail Out Funds but still struggling as their economy is going down the mud as the days pass by. What will Cross River State Government do with her own Bail Out if it’s granted?
On Wednesday in Calabar, Cross River State Government said it will access the 14.1 billion Naira fund available to each state of the federation from the federal government in order to support developmental projects in the state.
Speaking to journalists, the State Commissioner for Finance, Mr. Asuquo Ekpenyong said: “We have now being granted access to the sum of 14.1 billion Naira which will help to smoothen and stabilize the expenses of state governments” Ekpenyong said, adding that, “The outcome of that meeting (with Finance Minister Adeosun) led to the emergency Exco to get approval for us as a state to access this funding from the Federal Government, and after these we shall be approaching the House of Assembly to get clearance and an issuance of a resolution so as to support our documentation.
“The terms of this budget support facility are, a tenure of ten years, a concessionary interest rate of 9 percent as well as a 1 year moratorium which will really help the state.