By CrossRiverWatch Admin
The Cross River State House of Assembly has recently permitted the State Governor Sen. Ben Ayade to borrow N1,519,884,078.86 (one billion, five hundred and nineteen million, eight hundred and eighty-four thousand, seventy-eight naira and eighty-six kobo) only.
Ayade who wrote to the Assembly said the loan “is to enable Government meet its financial obligations in respect to 50% Universal Basic Education (UBE) counterpart fund for 2019 projects in the State.”
The loan to be provided by Zenith Bank with a 36 month repayment period at 15% interest rate.
Relatively, Africa Today reports that the House referred another loan request of three billion naira (3,000,000,000.00) only by Ayade to the House Joint Committee on Agriculture and Finance. The loan facility is to finance Commercial Agriculture Credit Scheme in the State.
The State Governor, Sen. Ben Ayade while assuring Cross Riverians on the judicious utilization of the loan, said the fund is in line with the State’s policy on Agro-Industrialisation and the Commercial Agriculture Credit Scheme allows 42 months repayment period at an interest rate of 7 percent.
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