The Zamfara state House of Assembly has granted the state government’s request to borrow N1. 51 billion from Zenith Bank as its counterpart fund for the 2020 Universal Basic Education Board (SUBEB) projects in the state.
The assembly gave the approval during its plenary on Thursday.
Majority Leader of the assembly, Alhaji Faruku Dosara, raised the motion to grant the request, noting that the loan needs urgent approval for SUBEB to commence its 2020 intervention projects.
According to him, the amount represents 50 per cent counterpart funding for the whole project with 24 months tenure repayment obligation of N73,247,066.38 monthly.
He said that the government would pay 15 per cent interest on the loan.
Seconding the motion, the Chairman, House Committee on Education, Yusuf Kanoma, urged members to approve the loan considering the impact it would have on the education sector of the state.
What you need to know about Buhari’s Nigeria Economic Sustainability Plan
Speaker of the assembly, Alhaji Nasiru Magarya, announced the approval after members unanimously granted the loan request through voice vote.
Meanwhile, the assembly has commenced deliberation on two executive bills. One of the bills is to repeal the Zamfara state Accelerated Cotton Development Agency Law, to be replaced with the Directorate of Accelerated Cotton Development Law 2020.
The other is a bill for a law to provide for the Establishment and Management of Zamfara state Directorate for Higher Education 2020.
Both bills passed through first reading during the plenary on Thursday.
Leave a Comment
You must be logged in to post a comment.