By Ahmad Alabira
Jigawa state Governor Mohammed Badaru Abubakar on Monday sought for approval of N18.7 billion internal loan from the state House of Assembly.
This followed a letter addressed to the Speaker of the State House of Assembly by the Governor and read at the plenary by the Majority leader, Honourable Habu Maigatari.
According to the letter, the loan is to cushion the effect of economic hardship being faced in the country.
“I am pleased to inform the Honourable speaker that the state government is in receipt of a letter from the federal ministry of finance, budget and national planning notifying us of the gracious approval of the President for bridging loan facility of about N656.112 billion available to 35 out of 36 states of the federation.
“This facility is to help cushion the effect of the payment of existing federal government intervention facilities to the states of the federation and Jigawa state inclusive.
“The total loan amount to Jigawa state is N18,746,059,992.57, to be paid in 30 years with nine percent (9%) interest per annum on monthly repayment mode and moraterium period of two years”, the letter revealed.
SINL Nigeria Online reports that the House at a special sitting on Monday granted the request of the executive to receive the loan.
