A'IBOM ASSEMBLY APPROVES GOV. UDOM EMMANUEL'S N7 BILLION LOAN REQUEST

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Williams Akpabio - Information Unit (AKHA), Uyo

Akwa Ibom State House of Assembly, today Thursday approves N7 billion loan to the State Government for Agriculture and Housing projects in the State.


The two (2) loans request was read separately as messages from the Akwa Ibom State Governor, Mr Udom Emmanuel to the House of Assembly during it's plenary..


According to Governor Emmanuel's request, N5 billion will be obtained from the Central Bank of Nigeria (CBN) for the cultivation of Coconut, Cocoa and maize while N2 billion loan facility will be obtained for 650 Housing units in Ibiono Ibom and Itu Local Government Areas of the State for low income earners and civil servant from The Family Home Fund.


According to the Governor's message, the CBN Commercial Agricultural Credit Scheme would boost the cultivation of cocoa, coconut and maize in the state. "The CBN Credit Scheme is considered a very good window for state governments and corporate bodies to access credits at relatively low interest rates of 5% per annum to develop agriculture in the state with its attendant advantages and benefits"


 Meanwhile,  the N5Billion from the Family Home Fund is an establishment of the Federal Government to spearhead the development of housing estates in the country and provides funding to state government and other agencies of government for housing projects. 

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