Sokoto State government Friday said it will soon procure a N65.7billion loan to fast track agricultural development, housing, health, water resources, judiciary and service delivery.
The loan, according to the state government, will be procured from internal financial sources.
The loan, billed to be serviced in 36 months, “would, therefore, not be a liability to be inherited by the successor of this administration,” noted Alhaji Isah Bajini Galadanchi, the state Commissioner for Information.
This was the outcome of the state executive council meeting held at Government House, Sokoto, which was chaired by Gov. Aminu Waziri Tambuwal Friday afternoon.
Briefing journalists after the meeting along with some commissioners, the Secretary to the State Government, Mallam Umar Saidu, confirmed that the government was desirous of procuring the debt facilities even if it means sourcing for such from abroad.
A breakdown of what the loan would be spent on indicates that N550 million would be spent on procuring 200 generators to provide water in rural areas, 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, is a counterpart funding in that regard.
The sum of N10 billion would 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.
Other developmental projects that would need loans to deliver them are the state housing project at Gidan Salanke, which needs N1.5 billion, purchase of cars for judiciary staff at the cost of N320 million and organizing and execution of the 2020 Hajj that would require N1 billion.