Enugu Assembly Approves N15bn Loan for State


The Enugu State House of Assembly has approved a N15 billion loan request by Enugu State Government from the Central Bank of Nigeria (CBN).

The loan request was contained in a letter to the house read by the Speaker, Chief Edward Ubosi, during yesterday’s plenary.

Ubosi said the loan would be used to finance infrastructure development in the state.

He said that government was finding it difficult to finance infrastructural projects due to the current economic challenges.

The speaker said the facility, which would domicile in United Bank for Africa, had 10 years repayment plan of nine per cent per annum, with 12-month moratorium.

According to the letter, the CBN infrastructure finance loan, when accessed would assist in carrying out major infrastructural projects across the state.

Contributing, Mr Paul Nnajiofor, representing Nkanu East, said the loan was not contentious as it would help the state government to fulfill its promise to the people.

Nnajiofor said that he supported the loan, considering that it was tied to the completion of the ongoing projects in the state.

Others opined that the loan became necessary to enable the current administration to complete ongoing projects and also initiate new ones.

Naija247news Media Nigeria
Naija247news Media Nigeria
Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

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