Anambra Assembly Approves Soludo’s N100 Billion Loan Request
July 24 (THEWILL) – The Anambra House of Assembly has approved Governor Charles Soludo’s request to access loan facilities worth N100 billion from the Central Bank of Nigeria (CBN) for the infrastructure development.
The approval follows consideration and adoption of the report of the House Committee on Public Accounts during Thursday’s plenary in Awka.
On July 5, Soludo had written to the Assembly seeking approval of a multi-term loan facility with an aggregate limit of N100 billion from the CBN for the construction and rehabilitation of key infrastructure in the state.
Presenting the report, Somto Udeze, representing 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.
Mr. Udeze said the discussion was aimed at determining loan terms, monthly deductions, loan term, interest rate, project specifications and the current government debt profile.
He stated 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 at around N107 billion can still accommodate more of these loans given the expected outcome 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 to increase 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.
House Speaker Uche Okafor commended the committee for its thorough review of the loan request and took a voice vote to pass 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, received third reading and then passed in plenary.