Taraba state Assembly approves over 200 billion loan to state government

The Taraba State House of Assembly has approved a loan of N206,776,000,000 which the state governor, Dr. Agbu Kefas, requested as supplementary budget for the 2023 fiscal year.

The required sum would be provided by four financial institutions as support for the state government to hasten developmental projects across all sectors.

According to the breakdown, N10,280,679,714 would service recurrent expenditure while N196,495,320,285 would cater for capital expenditure.

In a communication to the state house of Assembly, governor Kefas said the loan facility would be serviced for a period of four years at 18% interest rate.

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He also noted that deductions by the four financial institutions shall be from the state’s Federal Account Allocation Committee, (FAAC), Joint Account Allocation Committee, (JAAC), Value Added Tax, (VAT), and Internal Generated Revenue, (IGR), accounts.

Member representing Mbamnga Constituency, Peter Diah, also raised a motion that a sum of N5billion be set aside to settle gratuities of local government retirees and enroll new ones which the lawmakers unanimously agreed should be included in the final draft before the governor’s assent.

The speaker, John Bonzena, thanked the lawmakers for their contributions and also charged them to effectively perform their oversight functions as required by the law.