• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Friday, October 24, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home News

Rivers state to access N15bn CBN Infrastructure fund

CBN

The Matters Press by The Matters Press
February 3, 2022
Reading Time: 2 mins read
0
Consumer commission, CBN, EFCC investigate violations in money lending

The Rivers state Executive Council, on Wednesday, gave its approval for the state government to access N15 billion facility from the Central Bank of Nigeria (CBN’s) Infrastructure Fund, to enable the state complete three critical projects.

RELATED POSTS

Think tank blames historically poor management of resources on Nigeria’s high poverty prevalence

Nigeria’s Poor Get a Makeover: A Critical Analysis of Tinubu’s application of the law of requisite varieties in the reduction of poverty in Nigeria

‎IMPI revises inflation rate projection to 14% from 17% for December

Mr Isaac Kamalu, the state Commissioner for Finance, disclosed this at a briefing after the Executive Council meeting in Port Harcourt.

Kamalu said that the three major projects are the Oyigbo -Okoloma Road; Chokocho-Igbodo Road and construction of the 10th flyover by the administration at Rumuokwurushi-Elimgbu.

He said that accessing the fund could fast track the completion of these projects, considering the benefit of the facility, at a very low interest rate of 5 per cent repayable within 20 years, with three years moratorium.

“In her deliberations at the Executive Council meeting today, Council approved that the Rivers state government should access the Central Bank of Nigeria Infrastructure Support Facility to the tune of N15 billion.

“You will recall that prior to now, the Rivers state government had accessed funds for these projects.

“However, these funds, even if put together, will not be able to accomplish these three critical projects mentioned,” he said.

Kamalu expressed optimism that the N15 billion facility would be a very good support to ensure that these projects were delivered on time and served the interest of the state.

The council also took the decision to recover dilapidated government quarters from civil servants and illegal occupants, within the old and New Government Residential Area (GRA), Port Harcourt, and reallocate them to competent private individuals.

Mr Paulinus Nsirim, the state Commissioner for Information and Communications, further explained that the Council took this decision because some of the properties were fraudulently acquired by retired civil servants, through dubious processes of allocation and sale.

According to Nsirim, some of the properties had deteriorated due to the abject neglect and lack of maintenance by the occupants.

“The properties were totally in uninhabitable condition and were converted into commercial and business uses; in some cases, they were sublet to private tenants, or were used as poultries, fish ponds, barbing saloons, and other unauthorized uses.

“The Task Force set up by the Rivers state government to look into this matter found that some of these properties were illegally occupied by non-civil servants, some of whom were even non-indigenes.

“This has, therefore, necessitated the recovery of these properties as part of government’s urban renewal programme, with the civil servant – occupants being reallocated to alternative private properties, through financial support provided by the state government,” he said.

Nsirim said the recovery of the properties and their subsequent reallocation would form part of the first phase of the ongoing urban renewal programme of the state government within the old and New GRA, Port Harcourt.

Tags: CBN
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

POLICY STATEMENT 027 BY THE INDEPENDENT MEDIA AND POLICY INITIATIVE (IMPI)
Economy/Technology

Think tank blames historically poor management of resources on Nigeria’s high poverty prevalence

October 24, 2025
POLICY STATEMENT 027 BY THE INDEPENDENT MEDIA AND POLICY INITIATIVE (IMPI)
Economy/Technology

Nigeria’s Poor Get a Makeover: A Critical Analysis of Tinubu’s application of the law of requisite varieties in the reduction of poverty in Nigeria

October 22, 2025
NBS reports increase in Inflation
Economy/Technology

‎IMPI revises inflation rate projection to 14% from 17% for December

October 22, 2025
CSOs give  thumps-up to Tinubu’s ONSA-NCTC, back Trump aide’s dismissal of Christian genocide in Nigeria
Agriculture

CSOs give thumps-up to Tinubu’s ONSA-NCTC, back Trump aide’s dismissal of Christian genocide in Nigeria

October 22, 2025
Standing With the Bello Family – Justice Must Never Be Cheapened
Energy

Standing With the Bello Family – Justice Must Never Be Cheapened

October 17, 2025
You led with distinction, CG of Customs, hails former boss,  Mohammed at 80
Economy/Technology

You led with distinction, CG of Customs, hails former boss, Mohammed at 80

October 10, 2025
Next Post
PENCOM launches radio programme

PenCom frowns at applying for pension clearance certificate through intermediaries

NBS reports increase in Inflation

Futureview offers investment tips to hedge inflation

Recommended Stories

Nigeria gets AfDB’s $14m as member of ATI

AfDB, Liberia discuss major road project

July 17, 2023
Amended charge filed against Nnamdi Kanu

Embattled secessionist leader, Kanu, pleads not guilty to treason charges

October 21, 2021
UNECA urges media to pressure govts on policies

Africa needs large scale investment for economic productivity — UNECA

March 5, 2023

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • Think tank blames historically poor management of resources on Nigeria’s high poverty prevalence
  • Nigeria’s Poor Get a Makeover: A Critical Analysis of Tinubu’s application of the law of requisite varieties in the reduction of poverty in Nigeria
  • ‎IMPI revises inflation rate projection to 14% from 17% for December

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us