Akwa Ibom Assembly approves N4.7b loan request for govt’s MoU

Akwa Ibom State House of Assembly- straightnews
Akwa Ibom State House of Assembly

The Akwa Ibom State House of Assembly, Thursday, approved Governor Udom Emmanuel’s request to access a loan of N4.7 billion from Zenith Bank.

Emmanuel had written to the assembly on Tuesday, requesting for the approval of the said amount for Mimshac Digital Automobile Assembly Plant, Ikot Ukap, Itu Local Government Area of the state.

The governor’s message to the Speaker of the House read by the Clerk, Mrs Mandu Umoren at Plenary on Tuesday, said the loan facility would aid implementation of the Memorandum of Understanding (MoU) between Akwa Ibom State Government and Mimshac Digital Ltd Automobile Plant for $10,000,000, equivalent to N4.7 billion at the exchange rate of N470 per Dollar.

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“The said amount from Zenith Bank will help finance the procurement of Semi Knocked Down and Complete Knocked Down (CKD) parts for the assembling of 85 stainless steel, 20-seater Luxury buses.

“The requested sum will also facilitate the training of 20 persons recommended by the state government on the assemblage and manufacturing of vehicles in Israel.” The governor said.

The House of Assembly, in its deliberations, noted that the Car Assembling Plant, when fully functional, will boost the economy of the state and create more jobs for the teeming unemployed youths.

The lawmakers assured that the House will continue to support Governor Emmanuel in his quest to leave the state better than he met it.

The Speaker, Rt. Hon. Aniekan Bassey, therefore, directed the Clerk to communicate the House resolution to the Governor.