Niger Assembly approves $180,5m IDB loan

Niger Assembly approves $180,5m IDB loan

Thursday, May 30, 2019 3:48 pm

Niger State Governor Abubakar Bello

The Niger State House of Assembly read two letters from the State Governor, Abubakar Bello. In one correspondence the governor sought approval to obtain a foreign loan which was promptly given by members. In the other he declined assent to a bill on completion of inherited projects.

The House passed a resolution granting Gov. Bello approval to access a loan facility of $180.5 million from the Islamic Development Bank.

The House passed the resolution following a correspondence from the governor, read on the floor of the House by the Speaker, Alhaji Ahmed Marafa.

According to the letter, the loan is to be utillized to fund the dualization of the Minna-Bida road.

“I write to intimate you of the ongoing negotiation by Niger State Government to access a facility of $180, 500, 000. 00 from the Islamic Development Bank to be utilized towards financing the dualization of Minna- Bida road.

“The facility is expected to be at a concessionary rate of 0 percent per annum (nominal 6 percent per annum) for a period of 25 years inclusive of a moratorium of 5 years.

“In compliance with the constitution of the Federal Republic of Nigeria 1999 as amended, I wish to bring this matter to your attention and to seek your consent for this facility,” it read

The House thereafter unanimously gave the governor the nod to access the loan through a voice vote.

The governor, in another separate letter, intimated the House of his decision to decline assent to a bill seeking completion of projects started by previous administrations.

“As you are aware, every government is elected based on certain promises made during electioneering campaigns and party manifesto.

“These promises and manifesto form the bulk of the priorities of any government.

“It is therefore inadvisable to insist or compel any government to abandon, forego it’s own priorities for those of preceding government as this bill seek to achieve,” it read.

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