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Masari defends N23.7 billion CBN loans


Aminu Bello Masari

Aminu Bello Masari

Katsina State Governor, Aminu Bello Masari, has reacted to a recent statement by the state chapter of the National Conscience Party (NCP), condemning the state government for securing N23.7 billion loans from the Central Bank of Nigeria (CBN).

A press release signed by the Senior Special Assistant, Media to the Governor, Abdu Labaran Malumfashi, stated that Masari also shares the concern of the NCP state chairman, Malam Abdulmumini Sani, over the loans and the future of the state.

Malumfashi explains that: “However, the state government does not share his views that the loans from the CBN approved for the government by the state House of Assembly amount to mortgaging the future of Katsina State and its children.”

He insists that the loans, apart from the compelling need for taking them, were offered by the CBN to bail out states from financial difficulties, which saw many of them being unable to pay workers salaries and pensions for months.

According to him, the loans attracted a single digit nine per cent interest and were payable in 20 years.

Analyzing how the money would be used, he stated that N11.7 billion is for the payment of pensions and gratuity arrears, N2 billion for small and medium enterprises and N10 billion for development of infrastructure.

Other sectors to benefit are; education, N3 billion; health, N2 billion; water, N2.5 billion and agriculture, N2 billion.

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