Kano Assembly okays Ganduje’s N20bn loan request

Kano Assembly okays Ganduje’s N20bn loan request

Kano Assembly okays Ganduje's N20bn loan request
Governor Abdullahi Umar Ganduje of Kano State.

By Bashir Bello – Kano

Kano State House of Assembly has on Monday okayed Governor Abdullahi Umar Ganduje’s request to access N20 billion Infrastructural facility loan from the Central Bank of Nigeria, CBN and United Bank for Africa, UBA.

Ganduje was said to have written to the Assembly seeking for approval to access the loan to revamp the state’s economy adversely affected by the economic meltdown occasioned by the COVID-19 pandemic.

RELATED:  FEMALE CIRCUMCISION NIGHTMARE: ‘My sister bled to death after we were brutally cut’

The Speaker, Abdulazeez Garba-Gafasa while presiding over the assembly’s plenary session read the letter from the Governor and the lawmakers after series of deliberations unanimously agreed and approved the request.

ALSO READ: Rivers approves N2bn for 2021 LGA polls

Shedding more lights on the loan facility, the Majority leader of the assembly, Kabiru Hassan-Dashi said the loan was to cover up the economic meltdown occasioned by the COVID-19 pandemic in the state.

RELATED:  Insecurity: President Buhari holds special consultation with Defence Minister and Chief of Defence Staff

Hassan-Dashi added that the assembly considered the governor’s request after having challenges to access it from the capital market due to worsening economic conditions.

It was however gathered that the loan facility has an interest rate of 9 per cent payable over 10 years equivalent to 120 months.

RELATED:  Nigerian woman who was childless for 28 years of marriage poses with her newborn sextuplets

Vanguard News Nigeria

The post Kano Assembly okays Ganduje’s N20bn loan request appeared first on Vanguard News.

 95 Downloads

Receive Updates

No spam guarantee.

I agree to have my personal information transfered to GetResponse ( more information )