Abia gets approval for N10bn loan
The Abia State government has secured approval for a N10 billion loan from the state House of Assembly.
The state government had two months ago sought approval for a N30 billion loan, but it was not granted following protests by All Progressives Grand Alliance (APGA) members in the House.
Despite that, the state government pushed for the approval of another loan, saying it was necessary to augment the N14billion federal government bail out fund.
The loan, according to the Speaker, Martins Azubuike, is to be obtained from the Central Bank of Nigeria (CBN) at a nine per cent interest rate and meant for infrastructure development across the three senatorial zones of the state.
The House also approved another N2.7billion loan as the state counterpart funding contribution to four international donor agencies for intervention projects. The four intervention programmes fall under the Universal Basic Education Commission, the NEWMAP, Rural Access Mobility Programme and Community and Social Development.