Adamawa Assembly approves N9.9bn loan for construction of 2,000 houses

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Adamawa House of Assembly has approved request by Gov. Ahmadu Fintiri to secure N9.9 billion loan for the construction of 2,000 housing units for civil servants across the state.

The loan is to be secured from Family Homes Funds Limited (FHFL).

Approval for the loan followed the reading of the letter of request from the governor by the Speaker, Alhaji Aminu Iya-Abbas at the Monday plenary.

According to Fintiri, the loan is payable in 12 years with five years moratorium.

He said that the company on completion of the houses would partner with the state government to provide mortgage to civil servants, to enable them buy the houses.

The House also approved the executive request for the restructuring of the repayment period of a N6 billion loan, collected by the immediate past Muhammadu Bindow-led  administration, from 24 months to 36 months. (NAN)

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