Again Taraba Assembly Approves Fresh 18bn Loan

•Facilities for Education, General Hospitals Upgrade

Taraba state House of Assembly has approved three restructured credit loan facilities for various purposes in the state. 

Reading the communication the speaker Joseph Albasu kunini said in line with the administration's quest to provide quality education and other infrastructural facilities the state government received the sum of over 8 billion naira for UBE, World Bank projects in the state.

He said due to covid-19  pandemic the central bank of Nigeria directed commercial banks requesting the bank to refrain from enforcing the obligations in compliance with the CBN directive zenith bank has approved to restructured credit facilities.

The moratorium period is six months with an interest rate of 14 percent per annum during which the repayment of interest be debited to Taraba state FAAC and VAT account.

Also the credit facilities CBN bail out intervention loans has been approved by the state house of Assembly.

The speaker Joseph Albasu Kunini while reading the communication said  in enforcing the obligations on the bail out intervention loans and grant state government moratorium the state government has accepted the offer to restructure the bail out loan of over 17 billion naira from zenith bank PLC.

He said the interest rate is five percent per annum from March 2020 till February 2021 and subsequently nine percent per annum until maturity of the facility. 

Similarly the state house of Assembly has approved the sum of over 10 billion naira facility from Fidelity Bank PLC to procure medical equipment for general hospitals in Gembu,Wukari, Bambur and the ongoing water projects in the state.

Also reading the communication the speaker Joseph Albasu Kunini said the moratorium payment of principal interest is suspended for a period of twelve months while the tenor is extended by twelve months to expire August 2023. 

Deputy Majority leader Ahmed Dawud Jedua and the minority leader Bashir Mohammed said the communication came at the right time especially in the era of the global pandemic which has eaten deep into the country economy urging their colleague to give it an accelerated passage.  

The members unanimously approved the request of the Executive in a voice vote and the Clerk, Mellah Onrgu was asked to communicate the Executive the resolution of the House.