Ekiti to borrow N3bn

n to be able to benefit from the commission’s 2019/20 projects.

Olumilua, who said that the State Executive Council gave approval for the borrowing at its virtual meeting in Ado Ekiti, said the N3bn loan was to enable the state government to meet up with its statutory 50 per cent counterpart obligation towards the release of funds for UBEC/State Universal Basic Education Board projects for the year 2019 and 2020.

Olumilua said, “Failure to pay the counterpart funding would disqualify the state from receiving her share of the UBEC/SUBEB funding. “Being a federal and state government partnership, both tiers of government are required to come up with their respective 50 per cent contributions before the total sum is released to the state government.”All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.

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