Assembly Approves N1.5bn Agric Loan

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The Niger State House of Assembly has passed a resolution granting approval to the state government to access a N1.5bn facility for the implementation of the Accelerated Agricultural Development Scheme (AADS).
The House passed the resolution yesterday following the presentation of the report of Joint Committees on Finance and Agriculture.
Presenting the report, Chairman of the Joint Committee, Alhaji Abdullahi Mammagi, said it interfaced with relevant stakeholders to ascertain the justification for the request made.
Mammagi noted that the facility was being offered at an interest rate of nine per cent per annum and 60 months repayment period by the Central Bank of Nigeria.
“From the interface held, the committee found that the Federal Government had offered a window of facility to states to support implementation of AADS in states.
“The CBN, through Zenith Bank has offered to provide the of N1.5bn. The facility is offered for a period of 60 months, at an interest rate of nine per cent per annum.
“This is deemed to be highly competitive in terms of what obtains in the banking industry.
“Niger State has keyed into the programme as its implementation would stimulate and support socio-economic development in the state,” he added.
According to him, the repayment cost was manageable, adding that it would not be too much burden on the monthly cash flow of the state.
Similarly, the House commenced debate on the 2019 budget by the governor.