NFIU Policy: PDP Frowns At Further Indebtedness Through Granting N3 Billion Loans To 8 LGAs in Kogi

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The Kogi State Chapter of the Peoples Democratic Party has warned a First generation Bank in the state from granting N3 billion loans each to eight local government areas of the state.

The party also pointing out that it has it on good authority that despite its initial outcry against granting the loans, the bank has allegedly granted the loans.

The PDP in a statement signed by Bode Ogunmola, Publicity Secretary of the Party, lamented that the loans to each of the eight local government areas of the state is really not for development but aimed at circumventing the NFIU policy aimed at paying money directly to local government account.

The PDP called on the Federal Government and the CBN to monitor the transaction of the various local government areas of the state, pointing out that circumventing the NFIU policy to make local government areas still earn percentage salaries is regrettable.

The PDP called on the leadership of NULGE in the state to be aware of the planned plunging of local government in the state into further debt at the detriment of their salaries and welfare, described the on going advertisements of tender for projects to be executed by some local government areas of the state in some National Dailies as a hoax, and not really for development but to circumvent NFIU policy.

The party notes that with the present financial predicaments of the local government areas as it relate to their salaries that is been paid in percentages, frowned at further indebtedness of the local councils in the state.

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