Posted by Agbu Kefas, governor of Taraba State, has signed a supplemental budget worth more than N206 billion into law.
A few hours after the supplemental budget was passed into law by the State House of Assembly, our correspondent witnessed this.
He signed the bill today and said he would use the loan wisely to bring about the state’s much-desired growth and improve the lives of Tarabans.
The governor has claimed that “one of the cardinal points of my administration is to entrench good governance and improve the livelihood of our people,” and that his administration wants to provide substantial infrastructural development across the state to achieve these goals.
According to him, the state government will be able to pay the outstanding gratuities of retirees across the state with the help of the loan that will be received from Zenith, Fidelity, Keystone Banks, and the United Bank for Africa, UBA.
In light of the “challenge of financial constraint,” which is working “against meeting up with my administration’s strategic Five Fingers Development Agenda,” he believes that the supplementary budget will help solve most of the problems that the current administration has inherited.
According to the governor, FAAC would be reduced by the amount of security at Zenith Bank, while VAT will be reduced by the amount of security at Fidelity Bank.
Keystone Bank’s security ” shall be deducted from the IGR,” while UBA’s will be subtracted from JAAC, the governor revealed.
The state will be back on track thanks to the supplemental budget, it was announced, and the “interest rate for the facilities shall be 18% with administrative charges at 5% deductible affront” (interest rate plus administration fees) would be paid back over a period of four years.