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 on Tuesday 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 stake holders to ascertain the justification for the request made.
Mammagi noted that the facility was being offered at an interest rate of 9 percent per annum and 60 months repayment period by the CBN “From the interface held, the committee found that the Federal Government has offered a window of facility to states to support implementation of AADS in states. “The CBN, through Zenith Bank has offered to provide this term loan of N1.5bn.
The facility is offered for a period of 60 months at an interest rate of 9 percent per annum and 2.0 flat for all other transactions. “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 of 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.