Niger State House of Assembly has
formally given the governor, Alhaji Abubakar Sani Bello the approval to access
the N4.3 billion bailout fund meant for the state and also take another N2.05
billion loan.
The approval is sequel to the
letter written to the House by the governor and read by the deputy speaker,
Hon. Hussein Ibrahim, requesting the approval and availing them with the terms
given to the state before the bailout was granted the state.
The governor in the letter stated
that the bailout was a loan payable within a time frame of 20 years with 9 per
cent interest rate maintaining that the bailout was guided by the terms
applicable to a formal loan.
He stated that the government was
receiving the bailout to cover the pension liability for state and local
government pensioners, contractors obligation on capital projects, three months
of local government personnel salaries as well as servicing local and foreign
debts.
Similarly in another letter the
governor also requested for a commercial loan of N2.05billion to fund the
salaries of the state government staff bringing the total funds including the
bail out fund to N6.4 billion approximately.
The deputy speaker after reading
the letter to the members who had earlier gone on executive section granted the
approval for the loan. The presiding speaker directed the clerk to communicate
the approval to the governor.
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