Governor Obaseki approaches Edo Assembly to borrow N2.3 billion from BOI for buses

 

Lawmakers in the Edo State House of Assembly have given nod to Governor Godwin Obaseki to secure a loan of N2.3bn from the Bank of Industry for the purpose of purchasing buses for the Edo City Transport Services.

The loan, according to Governor Obaseki, is to buy 75 44-seater buses at a cost of N30.8m for one.

Obaseki had informed the lawmakers that the loan has a five-year repayment period with less than five percent interest rate.

Majority Leader member representing Orihonmwon South, Hon Roland Osoro, who moved the motion for the loan approval said the loan would help strengthen the services of the transport firm and enable the governor execute the state transport master plan.

Speaker Kabiru Adjoto said the request was satisfactory as it was meant to revitalize operations of ECTS.

Adjoto also described as an affront on the assembly failure by some contractors handling dualisation of the Benin-Auchi-Okene highway to appear before the lawmakers.

The Speaker said the Assembly would apply the full weight of the law on defaulted contractors who failed to execute road projects after collecting Mobilization from the Federal Government.

He stated that Dantata and Sawoe Construction Company and Mother Cat Nigeria Limited must appear before the House on the 23rd of October to explain the rationale behind the abandonment of the contract.

The Speaker opined that contempt for the Legislature was a serious offence under the law and warned that the House would not succumb to threats or intimidation.

He noted that slow pace of work on the Benin–Auchi Road has inflicted untold hardship on the people and adverse effect on socio-economic activities of Edo State.