The Enugu State House of Assembly on Monday approved the N170b loan requested by Gov. Peter Mbah of Enugu State to execute some major projects in the state.
The loan request was revealed in a letter read by the Speaker of the assembly, Chief Uche Ugwu, on Monday during an emergency plenary in Enugu.
Ugwu gave a breakdown of the loan to include N100b Bank Guarantee Line , N10b Term Loan , N10b Over Draft Facility from the Fidelity Bank and N50b Credit Facility from the Globus Bank. On the Term loan, the Speaker revealed that the loan had an interest rate of 22 per cent per annum, which is subject to review in line with money market realities, adding that the repayment tenure is 48 months.
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