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Taraba Assembly passes N206.7 billion supplementary budget

According to the governor, the funds would be channelled to agriculture, security, education and infrastructural development.

• August 4, 2023
Governor of Taraba State, Kefas Agbu
Governor of Taraba State, Kefas Agbu [KafasMovement]

On Friday, the Taraba State House of Assembly passed the supplementary appropriation bill of N206.7 billion sent by Governor Agbu Kefas.

In a communication to the house, which Speaker John Bonzena read, the governor requested approval for the supplementary budget to enable his administration to execute projects to benefit the state’s people.

According to the communication, the budget will be sourced through loans from United Bank for Africa, Zenith Bank, Fidelity Bank, and Keystone Bank.

“The security of the facility from Zenith Bank Plc shall be deductions from federal allocation, security for the facility from UBA Plc shall be deductions from Joint State and Local Government Account.

“Security for the facility from Fidelity Bank shall be deductions from value added tax, while that of Key Stone Bank shall be deductions from internally generated revenue.

“The interest rate for the facilities shall be 18 per cent, payable in four years,” the governor said.

According to the governor, the funds would be channelled to agriculture, security, education and infrastructural development.

The house deliberated and passed the supplementary appropriation bill into law and directed the clerk to forward the resolution for the governor’s assent.

The assembly had earlier approved N173 billion for the 2023 fiscal year.

(NAN)

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