The additional budget of more than N206 billion has been approved by Taraba State Executive Governor, Agbu Kefas.
This occurred shortly after the State House of Assembly members unanimously passed the extra budget into law, as noted by our correspondent.
When he officially signed the bill into law today, he pledged to prudently use the loan to usher in the state’s long-awaited progress as well as to improve Tarabans’ lives.
The governor declared that “enforcing good governance and enhancing the standard of living for our people is one of the cardinal points of my administration,” and that his administration “is desirous of providing massive infrastructural development throughout the state.”
He said that the loan, which will be received from the United Bank for Africa, Zenith, Fidelity, and Keystone Banks, will also help the state government pay the overdue gratuities of the pensioners dispersed around the state.
Admitting that the state faces the “challenge of financial constraint, which in his opinion is working “against meeting up with my administration’s strategic Five Fingers Development Agenda,” he believes that the supplementary budget will address the majority of the problems that the incumbent administration inherited.
The governor said that while the security of the Zenith Bank would be subtracted from FAAC, the security of the Fidelity Bank would be subtracted from VAT.
The governor further stated that Keystone Bank’s security “shall be deducted from the IGR,” and that the UBA security will be subtracted from JAAC.
The “interest rate for the facilities shall be 18% with administrative charges at 5% deductible affront” was stated, along with the addition that the facilities’ tenure is four years, reiterating the claim that the supplementary budget will position the state correctly.