The Niger State House of Assembly has granted approval for the state government to obtain a loan of N14 billion to finance some selected projects to completion in the state.
The letter sent by Governor Abubakar Sani Bello was read during the plenary by the Speaker of the House, Abdullahi Bawa Wuse before the governor’s presentation of the 2023 Appropriation Bill at the assembly complex in Minna on Tuesday.
The governor, in the letter, explained that the state was desirous of accessing the loan facility in order to bridge the funding gap created by the shortfalls in the monthly cash flows from the Federation Accounts Allocation Committee.
According to the letter, it stipulated a tenor of 60 months of exposure that translates to a manageable payment cost hence the facility was structured to ease its securement with comfort for repayment.
Consequently, the State Legislature unanimously approved the loan which would be obtained through Fidelity Bank Plc without referring to the relevant committee of the house for deliberations.
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