The House of Representatives on Thursday approved a total loan package of N492.4 for Kastina, Ogun, Jigawa and Plateau States.

Katsina got the approval of $110m and Jigawa got approval of $32.4m, both from Islamic Development Bank, while $350m from World Bank, and $50m from French Development Agency was approved for Ogun and Plateau States respectively.

The Chairman of the Committee on aids, loan and debt management, Adeyinka Ajayi (APC, Osun) while presenting the report, noted that the loan requests are the second batch of the request sent by President Muhammadu Buhari.

“This is the continuation of the consideration of the request by Mr. President. Recall that the President requested that the state component of loan request for 2016/2017 be treated expeditiously to allow the loans meet up with the 2017 appropriations law.”

He stated that the committee is giving the recommendation for approval of the loans after through investigations into viability of the states to repay the loans.

The committee also recommended that the terms and conditions of the loans be sent to the National Assembly for further legislative actions.

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House of reps approves $50 million loan for Plateau, Ogun & other states