In order to meet up with the community social service projects(constituency projects) of the members of the Niger state House of Assembly, the state executive council has approved the loan and disbursement of N675 million for the purpose.
The state commissioner of finance, Alhaji Zakari Abubakar disclosed this to journalists yesterday at government house,Minna during the state’s post executive council meeting press briefing .
According to him,the loan was taken from Zenith Bank at 18 percent interest rate repayable within 18 months as the amount represents first and second quarter of the constituency projects releases provided for in the state 2018 capital expenditure.
He stated that, “this is part of the funding of the capital projects captured in the 2018 budget including the community social service projects of the state House of Assembly. The provision to borrow fund to finance capital projects was also provided in the budget”.
While saying that the disbursement of the fund will soon commence, the Commissioner of Finance added that due process was being followed in obtaining the loan and in eventual disbursement for the said purposes.
On the expediency of the 18 percent interest rate , he posited that it was a good deal considering the fact that bank interest rates was now highly competitive, saying “as at now banks are charging interest rate of over 21 percent. We arrived at 18 percent interest rate after series of negotiations”.
Similarly, the state commissioner of education, Hajiya Fatima Madugu has stated that the state executive council has also approved the sum of N51.4 million for furnishing of three boarding schools’ standard kitchen ; the schools she enumerated are: Government Girls Secondary School,Kotangora, Government Science College,Izom and Government College, Bida.
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