The Speaker of Kano State House of Assembly, Abdulazeez Garba Gafasa, has announced the receipt of a letter from Governor Abdullahi Ganduje seeking approval for the 44 Local Government Areas of the state to access N15 billion loan from the Guaranty Trust Bank, GTB.
Gafasa, who presided over the plenary session on Monday read the letter before the House signed by Governor Ganduje explained that, the decision to access the loan was to enable the local governments to ensure the success of the state government’s free and compulsory education policy.
According to the letter, each of the 44 local government areas will receive N340 million if approved and is aimed at ensuring the sustainability of the free and compulsory education declared by the state.
The Speaker further announced the payment conditions for the loan saying it will be paid in 30 months with an interest of only 15 percent only.
However, in repaying the loan, it will be deducted from the local governments’ monthly Federal allocations.
Gafasa, finally presented the letter to the House committee on Local Governments which will be supervised by the Deputy Majority leader of the house Kabiru Hassan-Dashi.
The House have unanimously agreed on a two-day dateline for the committee to present its report before the assembly.