Abia gets ap­proval for N10bn loan

Daily Trust - - NEWS - From Li­nus Ef­fiong, Umuahia

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.

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