On Monday, the Edo State House of Assembly approved a loan of N11.3 billion for the state government.
According to Platinum Times, First Bank of Nigeria would provide the loan for agricultural palliative care, contractor financing, and bank guarantee.
The loans were approved following a letter delivered to the house and addressed to the speaker by the state governor, Godwin Obaseki.
Obaseki stated that the N2.2 billion agricultural palliative loan has a payback schedule of N94.3 million over 24 months (two years).
He explained that the N9.1 billion contractor, financing, and bank guarantee loan was for the development of certain housing units in Asokoro, Abuja.
He further stated that the sanction was for the purchase of 50 CNG buses for Edo City Transport Services (ECTS) as well as the construction of roads and drainage in Benin’s new Coral City, among other projects.
Recall that during the 2024 fiscal year budget presentation to the House in December 2023, the State Governor revealed that the government will borrow several billions of naira to fund the appropriation bill.