Edo assembly approves N10bn CBN loan for Oshiomhole

 

Edo State House of Assembly has passed a resolution mandating the state governor, Adams Oshiomhole, to obtain a N10 billion special facility for capital development loan from the Central Bank of Nigeria (CBN).

BusinessDay reports that the resolution is sequel to a letter from the state government and signed by Julius Ihonvbere, secretary to the state government, to the speaker of the House requesting the House to pass the resolution.

Recalled that the National Assembly and the Edo State House of Assembly had in the previous months passed resolutions approving about N15 billion World Bank loan facility and about N4 billion bailout fund, respectively, to the state government.

According to the government, the loan has been approved by the CBN as a special facility for capital development loan for all states in Nigeria, including Edo State.

He said the loan facility had a tenor of 20 years at an interest rate of 9 percent only, noting that the resolution by the House was among the prerequisites needed by the state to access the fund.

“The Federal Government through the CBN has approved a Ten Billion Naira (10,000,000,00) loan, a Special Facility for Capital Development for all States in Nigeria, including Edo State.

“This facility from the CBN is a special intervention to states to facilitate capital project execution. The tenor is for 20 years at an interest rate of 9 percent. This is to kindly request for a resolution of the House of Assembly in support of Edo State’s application for this facility,” he said.

Passing the resolution, Victor Edoror, speaker of the House, noted that the loan, which was an infrastructural bailout for all states, would impact positively on infrastructural development of local government areas in the state.

Earlier, Foly Ogedengbe, the majority leader of the House, said Edo State government deserved the loan as the previous loans taken by the state government had been judiciously used for the benefit of its citizenry.