Amosun seeks assembly's approval for N19bn loan

By The Citizen
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Gov. Ibikunle Amosun of Ogun on Tuesday sought approval of the Ogun House of Assembly to obtain N19 billion loan from four commercial banks.

Amosun said that the loan was for further execution of the state government's five cardinal programmes.

Mr Suraj Adekunbi, the Speaker, read the letter from the governor to the lawmakers during plenary in Abeokuta.

Amosun said the amount was part of N29 billion approved as capital receipts in the state's 2014 budget.

According to governor, the loan will be used to provide infrastructure in the state's educational, housing, agriculture and health sectors.

A breakdown of the proposed loan profile showed that N5 billion would be sourced from First Bank of Nigeria while Sterling Bank is expected to offer N10 billion.

Other banks in the loan syndication are Gtbank and Eko Bank, projected to contribute N3 billion and N1 billion, respectively.

The governor said that the loan from Eko bank would be for short term Universal Basic Education Commission (UBEC) counterpart funding.

Meanwhile, a bill seeking the establishment of the Ogun State Lotteries Board Law has passed through its second reading at the plenary.

Opening debate on the bill, the Majority Leader, Mr Isreal Jolaosho, canvassed the need for effective regulation of the activities of lottery companies in the state.

He said that the operation of the board would minimise investment scams in the state through sharp practices.

Jolaosho also said that the establishment of the board and regulation would leverage the state's internally generated revenue (IGR).

Also contributing to the debate on the bill, Mr Olakunle Oluomo, said that the bill would specify the age limit of interested members and protect children.

The News Agency of Nigeria (NAN) reports that after exhaustive deliberations, the speaker referred the bill to the house committee on Commerce and Special Duties for further deliberations. NAN