Taraba Assembly Grants Approval to Governor Kefas’ N206 Billion Loan Request for State Development
In a significant stride towards propelling Taraba State’s developmental agenda, the Taraba State House of Assembly has given its resounding approval to Governor Agbu Kefas’ proposal to secure a substantial loan of N206.776 billion.
The loan will be sourced from four prominent Nigerian commercial banks, marking a pivotal move to accelerate growth and progress within the state.
Speaker Hon. John Kizito Bonzena formally announced this momentous decision during a session held on Friday, July 2, 2023, signifying the Assembly’s endorsement of the governor’s initiative.
Governor Kefas, through a dated letter on 2/07/2023, underscored his administration’s unwavering dedication to enhancing good governance and elevating the quality of life for the state’s residents. The loan’s ultimate purpose is to surmount financial barriers that have hindered the realization of the ambitious Five Finger Development Agenda set forth by the governor.
“Mr. Speaker, Honourable Members, one of the cardinal points of my administration is to entrench good governance and improve the livelihood of our people,” Governor Kefas affirmed. “Accordingly, my administration is desirous of providing massive infrastructural development across the State as well as payment of outstanding gratuities to the Retirees of our dear State.”
To translate these visionary aspirations into reality, the Executive Council strategically opted to secure the substantial loan from four distinguished financial institutions:
Zenith Bank Plc: N83.3 Billion
UBA Plc: N50 Billion
Fidelity Bank Plc: N50 Billion
Key Stone Bank Plc: N23.476 Billion
The terms governing these loan agreements stipulate that the security for each bank’s allocated portion will be established through deductions from diverse revenue sources.
Zenith Bank’s security will be intricately linked to FAAC deductions, UBA Plc’s to JAAC deductions,
Fidelity Bank’s to VAT deductions, and Key Stone Bank’s to IGR deductions.
The loan bears an 18% interest rate, coupled with a 5% administrative charge deducted upfront, and the repayment period extends over a span of four years.
Governor Kefas conscientiously elucidated the distribution of these substantial funds, highlighting their meticulous allocation across key sectors within the state:
Education: N50 Billion
Agriculture: N30 Billion
Health: N30 Billion
Security: N30 Billion
Infrastructural Development: N40 Billion
Micro-Finance Bank: N5 Billion
House of Assembly: N5 Billion
Judiciary: N5 Billion
Women Affairs: N2 Billion
Digital Economy: N2 Billion
Waste Management: N2 Billion
Other Sectors: N5.476 Billion
Undoubtedly, Governor Kefas passionately implored the Honourable Members for their valued approval, emphasizing, “Honourable Members, I therefore on the basis of the foregoing, invite the Honourable Members to grant approval to enable the State Government access the above facilities in the best interest of the citizenry.”
This appeal reflects the governor’s unwavering commitment to advancing the welfare and prosperity of Taraba State’s populace through strategic financial augmentation.