Kwara Assembly okays N1.3b loan

Date: 2016-07-13

The Kwara State House of Assembly has granted the government's request to access the N1.3 billion Federal Government Budget Support Facility (BSF) loan.

With the approval, the government will be able to access the loan whenever there is a shortfall in its monthly allocation.

The approval came after the Speaker, Ali Ahmad, read Governor Abdulfatah Ahmed's request at an emergency plenary. The loan, according to the governor's message, will be disbursed in three tranches.

"This facility, when accessed, will give Kwara a sigh of relief in the implementation of its policies and programmes," the message said. The House also approved the state's request to access a N973 million loan from Skye Bank Plc.

The loan, the governor said, would be used to finance State Universal Basic Education Board (SUBEB) counterpart fund to enable the state access the 2014 Universal Basic Education Matching Grant from the Federal Government.

The facility, he said, had ta enure of 12 months with 22 per cent interest rate per annum, and is secured with an irrevocable standing payment order.

Governor Ahmed added that payment of workers would be a priority whenever the fund was accessed.

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