The Rivers State House of Assembly has empowered Governor Nyesom Wike to take N10 billion bailout fund from the Federal Government.
The Assembly gave the approval yesterday during its plenary, following a notification letter from Wike to Speaker Dabotoru Adams.
In the letter, the governor informed Adams of his intention to apply for bailout fund from the Federal Government.
Wike said the fund would be specifically used for salary and pension payments.
The governor also said the monthly N3.5 billion received from the Federal Allocation could no longer meet the state’s obligations on the monthly wage bill of workers and pensioners.
The N10 billion bailout fund, he said, would be collected from the Central Bank of Nigeria (CBN).
Before the lawmakers were allowed to debate on the matter, Adams urged his colleagues to approve the governor’s request to enable his administration fulfil its obligations to Rivers residents.
Adams said the state government had not gone for the bailout fund before, adding that the need for it became inevitable due to a drop in Federal Allocation.
House Leader Martin Amaewhule; House Whip Evans Bipi and other lawmakers agreed that there was need for the governor to go for the N10 billion bailout fund because of the dwindling economy.
Also yesterday, the lawmakers re-elected Amaewhule and Major Jack as Leader and Deputy Whip.
This followed their victory in the March 19 rerun in the state.