The Benue State Governor, Samuel Ortom, has promised that the N18.5 billion bailout fund for states by the Federal Government will be appropriately utilised.
Governor Ortom made the promise while speaking with newsmen in Markurdi on Friday.
The governor, who acknowledged the economic challenges faced by states, said the loan would be channelled to improving infrastructure in the State.
He disclosed that the State Executive Council would meet to deliberate on how the loan will be appropriated, expressing the hope that the money would add value to the development of the State.
Governor Ortom said Benue State budget is running on a deficit, pointing out that his administration is still “paying for loans taken by previous administrations in the State.
Just recently, President Muhammadu Buhari approved a fresh N656.112 billion Bridge Financing Facility for the 36 States.
Each State will get N18.5 billion to be disbursed with a moratorium of two years and a repayment period of 30 years.
The funds are to be distributed through the Central Bank of Nigeria, CBN.
The Minister of Finance Budget and National Planning, Dr Zainab Ahmed, explained that Bridge Facility would be disbursed in six tranches within six months.