Port Harcourt - The Rivers House of Assembly on Friday granted Gov. Chibuike Amaechi approval to borrow N120 billion loan from three banks.
The Speaker of the Assembly, Mr Otelemaba Amachree, informed the house of the request through a letter from the governor and urged members to consider the matter.
When the speaker put the issue to vote, majority of the members voted in favour.
The News Agency of Nigeria (NAN) reports that the banks through which the loan would be accessed are First Bank of Nigeria Plc, Access Bank Plc and GT Bank.
Amachree had told the assembly that there was a bond of N100 billion in the 2012 budget which was supposed to be accessed by the state government but not yet accessed.
He said the state government instead of going ahead to access the bond decided to convert it and access it as loan.
Mr. Gift Wokocha, the member representing Egbema/Ndoni Constituency 1, expressed dissatisfaction that the bond was not made known to Rivers people in the 2012 budget.
He suggested that since the bond was not accessed by government in 2012, approval should be given to the governor to access it as loan.
In his contribution, the member for Andoni Constituency, Mr Ibani Ikunye, said since the bond had been converted to loan, the interest rate should be made known to the people.
Mr Golden Chioma, representing Etche Constituency, said if the loan would hasten development in the state, the assembly should give approval to the governor to take it.