#Inside_Kogi: Kogi executive council gives nod to $100millon loan for Alape Staple Crop Zone.||Anyigbaleft

The Kogi State  Government reiterated that it is borrowing 100 million dollars to fast track the socioeconomic development of the state. ...

The Kogi State  Government reiterated that it is borrowing 100 million dollars to fast track the socioeconomic development of the state. 

Briefing newsmen after the inaugural meeting of the State Executive Council on Wednesday, The Commissioner for Finance, Budget and Economic Planning, Asiwaju Idris said they was no cause for alarm over the debt profile of the state. 

While the state has already defended the loan proposal before the Senate, Idris said the money when released will be used to develop the Staple Crop Processing Zone, SCPZ in Alape, Kabba Bunu of the state. 

“This will in turn make the place and the state accessible to investors to come in and do agricultural businesses; a development that will generate income and employments for the state.” On weather the state can still borrow, Bello said,

“Yes, we can still borrow. The fiscal sustainability of the state give rooms for borrowing. If the state debt has not gone beyond 250 percent of his income then, it can still borrow. Kogi is presently on 147 percent. 

“Also, a state who is not using more than 40 percent of his Internally Generated Revenue, IGR, to service loan can still borrow. Kogi is presently using only 28 percent of its IGR to service loan. We still have a difference of 12 percent to borrow. 

“We are not borrowing for consumption. We are borrowing to build capital projects. This is in line with the state governor fight against insecurity. Because if you don’t provide food security then any fight against insecurity will be a mirage," he said. 


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ANYIGBALEFT: #Inside_Kogi: Kogi executive council gives nod to $100millon loan for Alape Staple Crop Zone.||Anyigbaleft
#Inside_Kogi: Kogi executive council gives nod to $100millon loan for Alape Staple Crop Zone.||Anyigbaleft
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