Anambra Assembly Approves Governor Soludo’s N100 Billion Loan Request

Soludo had, on 5 July, written to the Assembly, seeking approval to obtain a multi-term loan facility with an aggregate limit of N100 billion from CBN, for the construction and rehabilitation of key infrastructure in the ‘State.

Presentation of the report, Mr. Somto Udezerepresenting Ogbaru ll constituency and chairman of the committee, said the finance and economic planning and budget commissioners were invited to interact on the terms of the loan facilities.

Udeze said the discussion was to determine loan terms, monthly deductions, loan term, interest rate, project specifications and the current government debt profile.

He said that the Committee was satisfied with the responses provided by the Commissioners.

“We observed that the N100 billion loan was strictly for the construction of roads, bridges and flyovers across the state.

“It has also been observed that the current government debt profile of around N107 billion can still accommodate more of these loans given the expected outcomes and impact on the residents of the state.

“However, we recommended that the commissioners provide the list of proposed project descriptions and the expected cost of each project to facilitate the monitoring function afterwards; and it was done

“That the loan be secured at a single digit interest rate and be used only for feasible infrastructure development.

“We also recommend the need for increased internally generated revenue to minimize borrowing to fund infrastructure development in the state,” he said.

Meanwhile, some lawmakers have lamented that not all of the state’s 30 precincts were considered in the proposed infrastructure upgrade.

The President of the Chamber, Mr. Uche Okafor commended the committee for their careful review of the loan request and took a voice vote to adopt the report.

The House granted the governor’s request in a unanimous resolution.

Also in plenary, the House passed a bill to establish the criminal justice administration system in Anambra and settle related matters.

The bill, titled the Administration of Criminal Justice Bill 2022, Repeal and Reinstatement, was read for the third time and then passed in plenary.

The President, ordered the Deputy Clerk, Ms Esther Anetoh send a clean copy of the bill to the state governor for approval.

The House then adjourned until July 26.

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