The Edo State House of Assembly has granted the state government an approval to access the sum of N10bn as a capital development loan from the Central Bank of Nigeria.
The resolution was unanimously passed by the lawmakers on Monday, following a letter sent to the House by Governor Adams Oshiomhole, urging it to approve the loan.
According to the letter, the Federal Government, through the CBN, provided the fund for all states to develop their infrastructure.
Details of the letter revealed that the loan has a repayment period of 20 years, with an interest rate of nine per cent.
Earlier, the Majority Leader in the House, Mr. Foly Ogedengbe, described the loan request as a welcome development, as it would serve as a boost to other sectors of the state’s economy.
The Speaker of the House, Mr. Victor Edoror, subsequently directed that copies of the resolution should be sent to the governor for immediate action.
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