Edo State House of Assembly on Monday approved the sum of N11.3billion loan for the state government.
Sunrise reports that the loan, which is for agricultural palliative and contractor, finance and bank guarantee loan, is to be sourced from First Bank of Nigeria.
The approval of the loans was sequel to a letter sent to the house and addressed to the speaker by the state governor, Godwin Obaseki.
Obaseki said the N2.2 billion agricultural palliative loan has a repayment plan of N94.3 million with a period of 24 months (two years).
He added that the N9.1billion for contractor, finance and bank guarantee loan was for the construction of some housing units in Asokoro, Abuja.
He also added that the approval was for the procurement of 50 CNG buses for the Edo City Transport Services (ECTS) and construction of roads and drainages in the new Coral City in Benin, among others.
Recall that the State Governor had during the 2024 fiscal year budget presentation to the House in December 2023, disclosed that the government will borrow several billions of naira to finance the appropriation bill.