The 14 lawmakers, who were present at Tuesday’s session, unanimously gave the approval based on the governor’s request.
Wike had, in a letter to the House through the Speaker, Dabotoru Dima, explained that the approval would enable his administration to sustain the payment of workers’ salaries and pensions.
The governor had said in the letter that his administration had not accessed N10bn earlier approved by the House as bailout.
He, however, added that the N14.16bn was to be collected in three tranches with nine per cent one-year moratorium, if approved by the lawmakers.
The letter indicated that the loan would be secured on future dividends or funds accruing to the state from the Federal Government.
“The Federal Government has offered the Rivers State Government the sum of N14.16bn as federally-guaranteed from the Federal Government Budget Support Facility to enable us to bear the present economic challenges and continuously meet our financial obligations, especially to civil servants and pensioners.
“The facility accessible in three tranches of N1.39bn for three months followed by N1.11bn for nine months and attract a subsidised interest rate of nine per cent one year moratorium and ending tenure.
“Furthermore, it is to be secured on future dividends or refunds due to the state from the Federal Government. As you know, the need to explore and utilise every economic opportunity to meet our financial obligation to civil servants and pensioners on a sustainable basis cannot be overemphasised.
“This was the basis of our earlier request for N10bn bailout approved by the Federal Government for states, which regrettably has not been granted.
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