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 commercial banks to fund developmental projects across all sectors in the state.
The breakdown of the supplementary budget indicated that the sum of N10,280, 679,714 is for recurrent expenditure while N196,495,320,285 would cater for capital expenditure.
The approval granted by the House for the loan followed an executive communication to the assembly by Governor Agbu Kefas.
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Governor Agbu, in the letter to the House, said the loan facility would be serviced for a period of four years at 18 per cent interest rate.
He also noted that deductions by the four financial institutions would be from the state’s Federation Account Allocation Committee (FAAC); Joint Account Allocation Committee (JAAC); Value Added Tax (VAT); and internal generated revenue account.
The member representing Mbamnga Constituency, Peter Diah, also raised a motion that the sum of N5bn be set aside to settle gratuities of local government retirees and enrol new ones which the lawmakers unanimously agreed should be included in the final draft before the governor’s assent.
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