Date: 2015-10-20

The Kwara State House of Assembly has approved the requests of the State Governor Alhaji AbdulFatah Ahmed to access N5bn Central Bank of Nigeria ECA-Secured Concessionary Loan from Sterling Bank PLC to finance developmental and infrastructural projects in the State and another N5bn CBN ECA- Secured Concessionary Loan from Guaranty Trust Bank PLC.

The Governor. had in the two letters dated 9th and 19th October respectively said the requests were necessitated by the effort of the Federal Government to address the fiscal challenge faced by the States in the federation, CBN through the resolution reached at the National Economic Council (NEC) meeting in June in which all deposit Money Banks were mandated to extend Concessionary Loans to State Governments using the balance of the Excess Crude Account as collateral.

He said the developmental efforts of the State Government in implementing her policies and programmes on infrastructural development of the State had been challenged due to paucity of fund occasioned by dwindling federal allocation.

Members had while speaking on the two messages from the Governor said the State should full take advantage of the facilities to address the salary problems and infrastructural decay in the State.

The Speaker then directed the Clerk to the House to convey the approvals of the House to the State Governor Alhaji AbdulFatah Ahmed.