The Anambra State House of Assembly has given approval to the state government to access a concessionary loan facility from the Central Bank of Nigeria totaling N3,500,000,000 for strategic projects across the agricultural value chain in the state.
The approval was given on Thursday during its emergency legislative session.
Moving the motion for the approval during plenary, the Chairman, House of Assembly Committee on Agriculture and member representing Ogbaru 2 State Constituency, Hon. Somto Udeze, said N15,000,000,000 was provided in the 2018 approved capital estimates to be raised through internal loan
Contributing to discussions on the approval, Chairman House of Assembly Committee on Information and member representing Nnewi-South 1 Constituency, Barr. Kingsley Chukwuma Iruba, said the agric loan was not every other loan but a concession from the Federal Government to states to increase agricultural production.
Iruba stated that it would be foolhardy for Anambra not to benefit from such loan facility as it was a veritable opportunity to further enhance and develop the agric sector in the state, stressing that the state governor should be commended for taking the bold step to know when other states accessed the loans.