On Saturday 8th February 2020, The Sokoto State Government said it would obtain a loan of N65.7 billion from internal financial sources to carry out development projects.
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The special adviser to the Governor of the state Alhaji Mohammed Bello made this known in a statement in Abuja.
The targeted loan is in line with its continuous effect to seek better ways of improving the lives of its Citizens and fast-track agricultural development, housing, health, water resources, judiciary, and service delivery.
He said the loan would be serviced in 36months and will not be a liability to the next incoming Governor that will be succeeding the present Governor.
Speaking to the state commissioner of information, Alhaji Isah Galadanchi, he said; the decision to procure the loan was as a result of the state executive council meeting at the Government House hosted by the Governor, Gov. Aminu Tambuwal.
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A breakdown of what the loan indicated that N550 million would be spent on procuring 200 generators to provide portable drinking water in rural areas, while N140 million would be expended on the procurement of water resources implements
Also, N4 billion would be accessed from the Central Bank of Nigeria agricultural loan facility as a counterpart funding in that regard.
The sum of N10 billion would be used to finance the payment of contractors that would execute contracts awarded to them under the State Universal Basic Education Board (SUBEB), Other projects include N3 billion 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.
Other developmental projects that would need loans to deliver them are the state housing project at Gidan Salanke, which needs N1.5 billion, and the purchase of cars for judiciary staff at the cost of N320 million. Others were the organization and execution of the 2020 Hajj that would require about N1 billion.