Imo State Government has explained why it approached a commercial bank for a N10billion loan payable in 12 months, from the state’s Internally Generated Revenue (IGR).
Briefing reporters after the Executive Council meeting, Information and Strategy Commissioner Chief Declan Emelumba said the essence of the loan was to continue with the funding of the building of Owerri/Okigwe and Owerri/Orlu roads valued at N55billion.
He said the loan would be paid to Craneburg Construction Company that is handling the dualisation of the two major roads in the state.
Emelumba said that Governor Hope Uzodimma had approved the constitution, funding and take-off of the State Transport Management Agency (ISTMA).
“This is sequel to the earlier decision to convert 250 personnel of the former Imo State Civil Guard for the take-off of the agency.”
