C/River to borrow from PenCom’s N3.34trn to build housing units

BEN EGUZOZIE

Cross River State has made known its intention to approach the National Pension Commission (PenCom) for a zero-interest investible loan with which to build additional 2,000 housing units for civil servants.

Last year, the state commissioned 500 housing units for civil servants at Akpabuyo, near Calabar, the state capital, built as a public private participation (PPP) arrangement with Aso Savings & Mortgage Limited, a private developer.

The actual loan amount being sought by the tourism complexion state is not known yet, as recent statistics show the state has been receiving a lot of foreign and local investments, estimated at over $2 billion in the last one year, especially in industrial and manufacturing sectors.

Governor Liyel Imoke, while commending the PenCom for decentralising its operations to the states, saying that Cross River has critical housing and allied infrastructure needs, but sorely lacks the financial muscle to realise that. He hinted of the state government’s plan to approach the recently inaugurated South South zonal office of the National Pension Commission in Calabar.