Enugu House Of Assembly Approves N30bn Loan For Governor Ugwuanyi

BALTIMORE, MD (AFRICAN EXAMINER) – The Enugu State House of Assembly Tuesday approved a N30 billion naira loan request for the executive to facilitate various ongoing developmental projects in parts of the state.

All the 23 members of the House present during its plenary sitting, including the Speaker, Edward Ubosi supported the motion approving the loan request.

This came on a day, the House also unanimously passed a resolution, asking the state Governor, Ifeanyi Ugwuanyi to dissolve all boards of parastatals, departments and agencies under the ministries in the state for their abysmal performance in monitoring, evaluating and formulating policies for the various departments and agencies under their supervision.

Leader of the House, Ike Ezugwu, representing Udenu constituency while reeling out the prayers contained in the resolution sponsored by 22 other members, said, “this motion urges the House to approve for the executive, through the Ministry of Finance to register a N15 billion bond through the United Bank of Africa, UBA, with a 3-years profit plan at the Capital Market”

“And another N15 billion bridging finance facility with a 12 percent interest in a repayment plan of 7 years making a total of N30 billion.

“This has become imperative due to unstable cash flow from the Federal Government as a result of fall in crude oil price at the global market.”

The House, in considering the request, revealed that the loan will come handy, judging from the lofty developmental projects embarked upon by the executive which needed to be completed to uplift the living standard of the people as promised during electioneering campaigns.

They therefore, approved the loan request, promising to carry out adequate oversight on the executive to ensure prudent utilization of the funds in a manner that the citizens will get value for their money.