The Edo State House of Assembly has approved for the state government, a N10 billion special loan from the Central Bank of Nigeria for capital development.
According to a letter to the Speaker of the House from Secretary to the State Government, Prof. Julius Ihonvbere, a resolution from the House was one of the prerequisites required from the state to access the fund.
The letter stated that the loan has been approved by the Central of Bank of Nigeria as a special facility for capital development for all states in Nigeria, including Edo State, adding that the loan facility has a tenor of 20 years at an interest rate of 9 percent.
“The Federal Government through the Central Bank of Nigeria (CBN), has approved a ten billion naira
(10,000,000,000) 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,” the letter said.
The Speaker of the House, Victor Edoror, while passing the resolution, noted that the loan which is an infrastructural bail out for all states would impact positively for infrastructure development of local government areas in the state.
Also commenting, the Majority Leader of the House, Foly Ogedengbe, 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 citizens.