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Niger Secures N675m Loan For Constituency Projects



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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