The Kano State House of Assembly has finally approved the request to access a N15 billion loan from one of the new generation banks by Governor Abdullahi Ganduje.
The loan is for the purpose of funding the state’s policy on free and compulsory education in over 44 local government areas in the state.
The Assembly approved the request on Wednesday during its plenary session presided over by the Speaker, Alhaji Abdulazeez Garba-Gafasa, after series of reviews.
The lawmakers issued their approval to request after the Deputy Majority Leader, Alhaji Kabiru Hassan-Dashi, who supervised the Assembly Committee on Local Governments, submitted the loan request before the assembly for review and verdict.
The committee recommended the approval of the request, whilst announcing that the fund would be used to rehabilitate some classes and also construct more classes to ensure the reduction of congestion in the schools.
After serious deliberations by the legislators, the lawmakers adopted the motion and approved the request.
In Governor Ganduje request, he indicated that each of the 44 local government areas would receive N340 million if approved. He added that the loan was aimed at guaranteeing and sustaining the free and compulsory education which had been proclaimed by his administration.
The repayment tenure for the loan has been fixed at 30 months interval with an interest rate of 15 per cent.
Governor Ganduje also slated the deduction of the local governments’ monthly federal allocations as a means of repaying the loan.