Katsina Gov’t To Secure N55bn Loan From Islamic Dev’t Bank
Katsina gov’t to raise up to N55bn Sukuk bond loan
The Katsina State Government said on Wednesday that it would secure N55 billion bond from Islamic Development Bank for infrastructure developments in the state.
The loan will be in form of SUKUK bond.
The Commissioner for Finance, Alhaji Kasim Mutallab, made this known while briefing newsmen on the outcome of the State Executive Council meeting.
“Katsina state is looking to undertake a seven year bond, the bond will follow Islamic principles; there must be special purpose for securing the bond.
“We are looking at this bond because of the infrastructure deficits in the state in terms of roads, hospitals and education,” he said.
He noted that the funds would be repayable for over seven years.
The commissioner assured residents that the funds would be judiciously used for the purpose of its collection.