The Enugu State House of Assembly has approved the Enugu State Government’s request for a N15 billion loan from the Central Bank of Nigeria (CBN).
A letter to the house, presented by Speaker Chief Edward Ubosi during Thursday’s session, contained the loan request.
The financing, according to Ubosi, will be used to fund infrastructural development in the state.
Due to the current economic issues, he noted, the government is having difficulty financing infrastructure projects.
The facility, which would be housed in the United Bank for Africa, would have a 10-year repayment plan of 9% a year and a 12-month moratorium, according to the speaker.
According to the letter, the CBN infrastructure finance loan, when accessed would assist in carrying out major infrastructural projects across the state.
Contributing, Mr. Paul Nnajiofor, representing Nkanu East, said the loan was not contentious as it would help the state government to fulfill its promise to the people.
Nnajiofor said he was in favor of the loan because it was conditional on the completion of ongoing projects in the state.
Others claimed that the loan was required to allow the current administration to complete ongoing projects as well as start new ones.
NAN
