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.
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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 that all agreed and approved the request.
Giving more information 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.
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% payable over 10 years equivalent to 120 months.
