The Executive Governor of Taraba State, Agbu Kefas, has signed into law the supplementary budget of over N206 billion.
This, as observed by our reporter, came a few hours after the supplementary budget was unanimously passed into law by members of the State House of Assembly.
Signing the bill into law today, he promised to judiciously use the loan to herald the much desired growth to the state and to as well better the lives of Tarabans.
The governor, who stated that “one of the cardinal points of my administration is to entrench good governance and improve the livelihood of our people”, said his administration is desirous of providing massive infrastructural development across the state.”
The loan, which is to be obtained from Zenith, Fidelity, Keystone Banks, as well as the United Bank for Africa, UBA, he said, will also assist the state government in paying the outstanding gratuities of the retirees spread across the state.
Admitting that the state, if faced with the “challenge of financial constraint, which according to him is militating “against meeting up with my administration’s strategic Five Fingers Development Agenda” the supplementary budget, as opined by him, will address most of the challenges inherited by the incumbent administration.
While the security of the Zenith Bank, according to the governor, will be deducted from FAAC, that of the Fidelity Bank, as stated by him, will be deducted from VAT.
The governor further disclosed that security of the UBA will be deducted from JAAC, that of Keystone Bank ” shall be deducted from the IGR,” he said.
Affirming that the supplementary budget will put the state in the right part, said the ” interest rate for the facilities shall be 18% with administrative charges at 5% deductible affront” adding that the tenure of the facilities is four years.