The Ebonyi State Executive Council (EXCO) has approved the state government’s participation in the Federal Accounts Allocation Committee (FAAC) receivables discounting programme expected to provide the state with infrastructure financing worth N84 billion over a 12-month period.
The decision formed part of far-reaching resolutions reached during the State Executive Council meeting held on Thursday and presided over by the Governor of Ebonyi State, Francis Ogbonna Nwifuru.
Briefing journalists, Friday on the outcome of the meeting, the Ebonyi State Commissioner for Information and State Orientation, Ikeuwa Omebeh, said the council undertook an extensive review of policies, programmes and projects executed by the present administration across critical sectors of the state economy.
According to him, the council aligned with the findings of independent assessors who reportedly rated the present administration highly in infrastructure delivery, particularly in the area of road construction projects, both ongoing and completed across the state.
He added that the assessment also gave the administration strong ratings in employment generation, human capital development, poverty eradication, education, housing, agriculture and healthcare services, with public health centres in the state reportedly attaining a 75 per cent performance rating.
Speaking on the newly approved infrastructure financing arrangement, Omebeh disclosed that the FAAC, during its meeting of February 20, 2026, resolved to set aside the sum of N252 billion monthly from the Federation Account for infrastructure financing to the 36 states of the federation for one year beginning from May 2026.
Under the arrangement, each state is expected to receive N7 billion monthly for 12 months, amounting to N84 billion, to support medium and long-term infrastructure financing through the FAAC receivables discounting programme backed by the Debt Management Office (DMO), Abuja.
“In view of this and following an invitation for Ebonyi State Government to participate in the FAAC receivables discounting programme for infrastructure financing, EXCO approved and accepted to queue into the receivables for 24 months as stipulated at 20 per cent interest rate to the state,” the commissioner stated.
The council also approved a N1 billion loan facility for on-lending to Micro, Small and Medium Enterprises (MSMEs) operating within the state.
Omebeh explained that the facility, when accessed, would be disbursed to business owners at the International Market and the Ebonyi State Integrated Building Materials sector, among others, at favourable interest rates aimed at cushioning the impact of high commercial lending rates imposed by conventional financial institutions.
He further disclosed that Globus Bank PLC agreed to provide the state government with a bank guarantee for the facility through its platform.
According to the commissioner, repayment of the loan would be backed by an Irrevocable Standing Payment Order (ISPO) from the state government at an interest rate of 10 per cent per annum, alongside a one per cent management fee and a 0.25 per cent monitoring fee on the loan balance.
He added that the facility has a tenure of 60 months with a six-month moratorium.
Meanwhile, the council also acknowledged the resignation of the Commissioner for Project Monitoring and Evaluation, Felix Igboke.
Governor Nwifuru subsequently directed the former commissioner to hand over all government property in his possession to the Permanent Secretary of the ministry at the close of work on Thursday, May 14, 2026.
The governor accepted the resignation and wished him well in his future endeavours.
