The Enugu State House of Assembly has approved a loan request of N170 billion made by Governor Peter Mbah.
Mbah had made the request via a letter signed by the Secretary to the State Government, Prof. Chidiebere Onyia, and addressed to the Speaker, Uchenna Ugwu, disclosing that the request was sequel to the approval of the Enugu State Executive Council for the offer of N100bn bank guarantee line, N10bn term loan and N10bn overdraft facility from Fidelity Bank and N50bn credit facility from Globus Bank.
The Assembly which approved the request during plenary on Monday, gave the government the approval to source for a facility to fund capital projects, among others, in the state.
The lawmakers who unanimously approved the request, said the loan facility would enable the government to deliver on its mandate in the area of provision of critical infrastructure needed to attract investments to the state.
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The loan, according to the governor, would be repaid via an Irrevocable Standing Payment Order on consolidated Enugu State IGR accounts, which would be domiciled in Fidelity Bank and domiciliation of JAAC/FAAC/Infrastructure Support.