The Taraba State House of Assembly on Friday passed into law, the supplementary appropriation bill of N206.7 billion sent to it by Gov. Agbu Kefas.
In a communication to the house which was read by the Speaker, Mr John Bonzena, the governor requested approval for the supplementary budget to enable his administration execute projects for the benefit of the people of the state.
According to the communication, the budget will be sourced through loans to be taken from United Bank for Africa, Zenith Bank, Fidelity Bank and Keystone Bank.
“The security of the facility from Zenith Bank Plc shall be deductions from Federal allocation, security for the facility from UBA Plc shall be deductions from Joint State and Local Government Account.
“Security for the facility from Fidelity Bank shall be deductions from Value Added Tax, while that of Key Stone Bank shall be deductions from Internally Generated Revenue.
“The interest rate for the facilities shall be 18 per cent payable in four years.
“The facilities if secured by the state government shall be channeled to fund education, health, agriculture, security, and infrastructural development among others, “the letter read.
The house thereafter deliberated and passed the supplementary appropriation bill into law and directed the clerk to forward the resolution for the governor’s assent.
The News Agency of Nigeria (NAN) reports that the assembly had earlier approved N173 billion for the 2023 fiscal year. (NAN)
