The Edo State House of Assembly gave the state administration a N11.3 billion loan on Monday.
According to reports, the First Bank of Nigeria would provide the credit, which is intended for contractor financing, bank guarantee loans, and agricultural palliative care.
The loans were approved when the state governor, Godwin Obaseki, wrote a letter to the speaker of the house.
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 N9.1 billion 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 the 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.
