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    Five States Have Applied For Budget Support Loan – Governor

    Five states have so far completed the process of borrowing from the Federal Government’s facilitated N90bn budget support loan from the private sector.

    The Akwa Ibom State Governor, Mr. Udom Emmanuel, disclosed this on Thursday while briefing State House correspondents on the outcome of the National Economic Council meeting presided over by Vice President Yemi Osinbajo at the Presidential Villa, Abuja.

    Emmanuel quoted the Minister of Finance, Mrs. Kemi Adeosun, as briefing the council that one state declined to apply for the loan.

    He said the minister informed the council members that the first tranche of N50bn bond would soon be issued, while the balance of N40bn would be released later.

    The governor neither disclosed the five states that had completed the process nor the one that declined, saying it was premature to do so.

    He said, “The Minister of Finance also briefed the council on the Federal Government’s N90bn budget support loan facility for states at nine per cent interest rate.

    “She said five states have completed the process for borrowing from the budget support loan.”
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