Edo State House of Assembly says it has approved the sum of N18.7 billion for the state government to draw as a loan from Central Bank of Nigeria‘s finance to boost the local economy.
The approval of the loan by the State House of Assembly was sequel to a letter addressed by the state governor, Godwin Obaseki to Marcus Onobun, the Speaker of the House.
Onobun, who read the letter during a plenary session quoted the state Governor as saying that “President Muhammadu Buhari had approved Central Bank of Nigeria (CBN) loan for each of the 36 States of the federation to bridge finance facility of N656,112,009, 740.03 billion.
Read also: CBN pegs loan to 100 for 100 initiative at N5bn
He explained that the governor said the loan would be repaid in 36 months after a moratorium period of 24 months.
Meanwhile, the governor has submitted the 2021 supplementary budget to the house for consideration and passage into law.
Onobun after reading the letter to the house referred the supplementary budget to the house committee on appropriation for necessary action.
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