BY ARCHIBONG EYO, CALABAR, – The Cross River State House of Assembly has approved the State Government request to reschedule its outstanding Federal Government of Nigeria Bonds balance valued at N33,209,107,353.31 by an additional 10 years period.
By this approval, the lawmakers have extended the Bonds’ maturity period from 2035 to 2045.
Presenting the Finance and Appropriation Committee’s report at the plenary, the Chairman, Hon. Eteng Jonah Williams, said the Secretary to the State Government, Barrister Tina Banku Agbor had forwarded government’s request to the House through a letter dated May 17, 2017 with reference No.SSG/GSA/S/300/VOL XVII/338.
He noted that at the plenary session of Thursday, September 10, 2015, the House had passed resolution No. 12 granting approval for the State Government to restructure its Commercial Bank loan into FGN Bond in the sum of N33,764,117,873.73 (Thirty Three Billion, Seven Hundred and Sixty-Four Million, One Hundred and Seventeen Thousand, Eight Hundred and Seventy-Three Naira, Seventy-Three Kobo).
According to him, the approval was sequel to a request earlier received through a letter dated September 9, 2015 and signed by the SSG on the executive’s request to restructure the State’s commercial bank loans.
He said with the approval, the State Government duly restructured its commercial bank loans into Federal Government of Nigeria Bonds with a terminal date of 2035, adding that by the recent resolution the Government can now reschedule the repayment plan by extending its maturity period from 2035 to 2045.