The Enugu State House of Assembly has approved a N30 billion loan request for the executive to facilitate ongoing developmental projects scattered in the state.
The motion approving the loan request received the support of 23 lawmakers present at the sitting on Tuesday, including the Speaker, Hon. Edward Ubosi, who commended his colleagues for accepting the proposal.
This came on a day, the House also unanimously passed a resolution, urging Governor Ifeanyi Ugwuanyi to dissolve all boards of parastatals, departments and agencies under the ministries in the state for their abysmal performance in monitoring, evaluating and formulating policies for the various departments and agencies under their supervision.
Leader of the House, Ike Ezugwu, representing Udenu constituency while reeling out the prayers contained in the resolution sponsored by 22 other members, said, “this motion urges the House to approve for the executive, through the Ministry of Finance to register a N15 billion bond through the United Bank of Africa, UBA, with a 3-years profit plan at the Capital Market and another N15 billion bridging finance facility with a 12 percent interest in a repayment plan of 7 years making a total of N30 billion.
“This has become imperative due to unstable cash flow from the Federal Government as a result of fall in crude oil price at the global market.”
The House, in considering the request, revealed that the loan will come handy, judging from the lofty developmental projects embarked upon by the executive which needed to be completed to uplift the living standard of the people as promised during electioneering campaigns.
They approved the loan request, promising to carry out adequate oversight on the executive to ensure prudent utilization of the funds in a manner that the people will get value for their money.
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