The Abia State House of Assembly has approved a request sent to it by Governor Okezie Ikpeazu to raise a loan facility of N30 billion from commercial banks.
Ikpeazu had sought the approval of the House for a loan to enable his administration meet up with its financial obligations.
Speaker of the House, Martins Azubuike, who announced the approval at the plenary sitting on Tuesday, said the request had been duly considered by members earlier at an executive session.
He noted that the approval had become necessary following the decline in the federal allocation accruing to the state as well as apathy of residents in tax payment, a development, he said, that had adversely affected the revenue of the state.
The Speaker said the House, after due considerations of the prevailing circumstances, decided to approve the request for a loan to enable the Governor function effectively. Click to signup for FREE news updates, latest information and hottest gists everyday
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