Benue House of Assembly on Wednesday gave approval to the state government to obtain a loan of over N5bn to settle accumulated counterpart fund contributions.
The request, contained in a letter by the Secretary to the State Government, Mr Targema Takema, on behalf Governor Samuel Ortom, was read on the floor of the Assembly by the Speaker, Mr Terkimbi Ikyange.
In the letter, the government explained that it would use the money to settle its funding contributions for some major programmes.
It stated that the programmes included the Millennium Development Goals, FADAMA III, Water and Sanitation Programmes, Community and Social Development Projects, Control of HIV/AIDS among others.
The Speaker told the members that the past administration had not paid the state’s counterpart fund contribution to the programmes since 2014.
Ikyange explained that the loan was necessary, as it would enable the government to access funds earmarked under the programmes for critical projects that would greatly benefit people of the state.
According to him, the money coming to the state from the Federation Account is inadequate to finance the programmes due to the huge debt profile left behind by the past administration. Click to signup for FREE news updates, latest information and hottest gists everyday
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