The Kogi State Government has disclosed that it will borrow an extra $100m (or N36.3b) to facilitate the socio-economic development of the state.
Commissioner for Finance, Budget and Economic Planning, Asiwaju Idris, stated this yesterday in Lokoja, while briefing newsmen after the State Executive Council (SEC) meeting.
Idris also said there was no cause for alarm over the facility, as the state was buoyant enough to sustain its present and expected indebtedness.
He pointed out that the state has already visited to the Senate to defend the $100 million loan request, saying when granted, it would be channeled towards developing the Staple Crop Processing Zone (SCPZ) in Alape, Kabba Bunu area of the state.
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“It will also be used to build roads, electricity projects and other social amenities within the Alape Crop Processing Zone,” he said.
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