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Niger Assembly okays N1.5b loan

Niger Assembly okays N1.5b loan

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The Niger State House of Assembly has granted the Governor, Alhaji Abubakar Sani Bello’s request to access a N1.5 billion loan for the implementation of the Accelerated Agricultural Development Scheme (AADS).

The request was granted after the presentation of the report of joint committees on finance and agriculture.

The Joint Committee’s Chairman, Alhaji Abdullahi Mammagi, said the request was granted because the repayment cost was manageable and it would not be too much burden on the monthly cash flow of the state.

“The CBN, through Zenith Bank, has offered to provide this term loan of N1.5billion. The facility is offered for a period of 60 months at an interest rate of nine per cent per annum and two flat for all other transactions. This is deemed to be highly competitive in terms of what obtains in the banking industry.

“Niger State has keyed into the programme as its implementation would stimulate and support socio-economic development of the state.”

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