Anambra Assembly approves Soludo’s N100bn loan request for infrastructure development

Anambra Assembly approves Soludo’s N100bn loan request for infrastructure development

The Anambra State House of Assembly has approved Gov. Charles Soludo’s request to access loan facilities worth N100 billion from the Central Bank of Nigeria (CBN), for infrastructure development.

The approval followed the consideration and adoption of the report of the House Committee on Public Accounts during the plenary on Thursday, July 21, in Awka.

Soludo had written to the Assembly on July 5, 2022; seeking approval to secure an N100 billion Global Limit Multiple Term Loan Facility from the CBN.

He had stated that the loan was for the construction and refurbishment of key infrastructure in the state.

Presenting the report, Mr Somto Udeze, representing Ogbaru Constituency ll and Chairman of the committee; said that the Anambra Commissioners for Finance and Economic Planning and Budget were invited for interaction on the terms of the loan facilities.

Udeze said that the discussion was to ascertain the terms of the loan, monthly deductions, duration of the loan; as well as the interest rate, project specifications, and the current debt profile of the state.

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He said that the Committee was satisfied with the answers provided by the commissioners.

“We observed that the N100 billion loan was strictly for the construction of roads, bridges, and flyovers across Anambra state.

“It was also observed that the current debt profile of the state at about N107 billion can still accommodate more of such loans considering the expected outcome and impact on the residents of the state.

“However, we recommended that the Commissioners should provide the list of the proposed project descriptions and expected cost of each project for ease of oversight function subsequently; and that was done

“That the loan should be secured at a single-digit interest rate and be used for feasible infrastructure development alone.

“We also recommend the need for increased internally generated revenue to minimise borrowing to fund infrastructure development in the state,” he said.

Meanwhile, some lawmakers lamented that not all the 30 constituencies in the state were captured in the proposed infrastructure upgrade.

The Speaker of the House, Mr. Uche Okafor commended the committee for thorough scrutiny of the loan request. Thereafter, he conducted a voice vote for the adoption of the report.

The House granted the governor’s request in a unanimous resolution.

Also at the plenary, the House passed a bill to establish the system of Criminal Justice Administration in Anambra and to provide for related matters.

The Bill titled, ‘Administration of Criminal Justice Bill 2022, Repeal and Re-enactment,’ was read for the third time. Subsequently, it was passed during plenary.

The Speaker, directed the Acting Clerk, Mrs Esther Anetoh to send a clean copy of the Bill to the State Governor for assent.

The House later adjourned sitting to July 26, 2022.

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