.jpeg "Mbah's request to borrow N170 billion for capital projects is approved by the Enugu legislature, among others")
The request was unanimously granted by the parliamentarians, who stated that it would facilitate the government's fulfillment of its obligations, particularly in terms of providing essential infrastructure required to attract investments to the state.
The state Assembly also expressed satisfaction with the fact that the loan would be fully repaid within the governor's initial term in office.
The loan can be broken down as follows: The financial arrangement comprises a bank guarantee line of N100 billion, a term loan of N10 billion, an overdraft facility of N10 billion, and a credit facility of N50 billion.
The Speaker, Uchenna Ugwu, received a letter from the Secretary to the State Government (SSG), Chidiebere Onyia. The letter revealed that the request was made following the State Executive Council's approval for a bank guarantee line of N100 billion, a term loan of N10 billion, and an overdraft facility of N10 billion from Fidelity Bank. Additionally, a credit facility of N50 billion was approved from Globus Bank.
The provision of a bank facility of N100 billion will serve as a guarantee for the payment of contracts awarded to contractors who have been approved by the relevant authorities.
The repayment of the loan will be facilitated by the implementation of an Irrevocable Standing Payment Order (ISPO) on consolidated Enugu Internally Generated Revenue (IGR) accounts. These accounts will be held at Fidelity Bank and will also serve as the domicile for the Joint Account Allocation Committee (JAAC), Federal Account Allocation Committee (FAAC), and Infrastructure Support.
In light of the ongoing efforts to suppress illicit mining operations in Enugu State, the state government has reaffirmed its dedication to facilitating legitimate investment endeavors. This commitment involves the provision of various investment facilitators to enhance the ease of conducting business, including robust security measures, well-developed infrastructure, an appealing tax framework, and the implementation of road construction initiatives.
During the weekend, following the state Executive Council Meeting, the Attorney General and Commissioner for Justice, Dr. Kingsley Udeh, announced that the state has decided to establish the Environmental Remediation Trust Fund (ERTF) and the State Security Trust Fund (SSTF). These funds will be funded by miners who possess legitimate licenses sanctioned by the government, who will contribute a predetermined amount of money towards remediation projects.
According to Udeh, implementing this measure would contribute to the protection of the environment, effectively reducing health risks associated with mining operations. Additionally, it would facilitate the provision of sufficient security for both individuals and assets.