ADHA APPROVES #17 BILLION LOAN FACILITY FOR GOV FINTIRI

Lawmakers at the Adamawa State House of Assembly have unanimously approved the whopping #17billion loan facility as requested by Governor Ahmadu Umaru Fintiri for the execution of critical development projects across the 21 Local Government Areas.

It could be recalled that Governor Fintiri had sought the House of Assembly's approval to obtain the facility from 2 commercial banks for the execution of  projects across the state.

The Governor's request as contained in 2 separate letters, were read at the resumed plenary session presided by the Speaker of the House, Rt. Hon. Aminu Iya Abbas on Tuesday.

Fintiri had told the Legislators that #15 billion loan facility will be secured from a Fidelity bank for the tenor of 48 months at 13 percent interest rate and 0.5 percent management fee, saying it will be used to finance critical development projects across Adamawa.

According to him, the whopping sum of #2 billion on the other hand will be collected from Access bank Plc at a tenor of 10 years at 4.5 percent interest rate up to February, 2021 and 9 percent interest rate from 1st March, 2021. 

He informed them that the #2billion loan facility was at the instance of the Central Bank of Nigeria (CBN), and extended to all the 36 states of the federation to fight Covid -19 pandemic.

He said that if the facility is finally approved, it will be used to finance the building and expansion of the state's medical/health care facilities and acquisition of medical equipment.

According to him, the State Executive Council at its 5th (2020) meeting held on 13 the May, 2020, considered and approved the securing of the facility; hence the decision to forward the letters to the Assembly for the Legislators' approval.

After the presentation of the letters, the Speaker of the House of Assembly, Rt. Hon. Aminu Iya Abbas referred it to the House Standing Committee on Finance, Budget and Appropriation headed by Hon. Kate Raymond Mamuno and given 2 weeks within which to scrutinise it. 

But upon resumption of plenary session today, the Lawmakers approved the letters after the submission of 2 separate reports of the House Committee on Finance, Budget and Appropriation to that effect.

The approval followed the consideration and adoption of the report as sponsored by Hon. Kate Raymond Mamuno(Demsa).

Thereafter, the Speaker of the House of Assembly, Rt. Hon. Aminu Iya Abbas directed the clerk of the House to communicate the resolutions of the members to the Governor for further action.