Sokoto State government said it’s seeking a loan of N65.7 billion from internal financial sources to fast track agricultural development, housing, health, water resources, judiciary and service delivery.
Hon Isah Bajini Galadanchi, the state Commissioner for Information disclosed this while briefing Journalists after the State Executive Council meeting held in Sokoto.
He noted that the loan is billed to be serviced in 36 months and “would, therefore, not be a liability to be inherited by the successor of this administration.”
Galadanchi explained that a breakdown of what the loan would be spent on indicates that N550 million is for procuring 200 generators to provide water in rural areas.
Be added that N140 million would be spent on the procurement of water resources implements while the N4 billion, that would be accessed from the Central Bank of Nigeria agricultural loan facility.
“The sum of N10 billion will be sourced to finance the payment of contractors that would execute contracts awarded under the auspices of the State Universal Basic Education Board (SUBEB), the sum of N3 billion would be required for the procurement of fertilizer to be sold to farmers at subsidized rate; and N5 billion to be sourced for the provision of healthcare facilities within the state.” The Commissioner further explained.