Sokoto Assembly approves N5.1bn loans by Tambuwal to fund projects

News Agency Of Nigeria

December 25, 2018 8:07 AM

Tambuwal in the letter formally informed the Assembly of government’s desire to meet its obligations with some development partners and agencies.

Sokoto Assembly approves N5.1bn loans by Tambuwal to fund projects

The Sokoto state House of Assembly on Monday approved Gov. Aminu Tambuwal request to access N5.1 billion banking facilities for counterpart funding.

The News Agency of Nigeria (NAN) reports that the approval followed the consideration of a letter to the Assembly by the governor and presented by the Speaker, Alhaji Salihu Maidaji.

Tambuwal in the letter formally informed the Assembly of government’s desire to meet its obligations with some development partners and agencies.

“These obligations are in relation to providing counterpart funding to allow the state participate fully in the programmes outlined by our partners.

“In view of the importance of this partnership, we would appreciate a House resolution which will allow government to access facilities offered by the banks on term and conditions very favourable and considerate.

“N2 billion UBA facility with 12 months repayment period for the state sponsored counterpart funding for SDGs programme.

“N2 billion Zenith Bank facility with 24 months repayment period finance counterparts contribution in respect of Rural Access and Mobility Project (RAMP), Youth empowerment programme and Social Development Agency (CSDA).

“N600 million and N500 million from Fidelity Bank for development project across the state and to finance recurrent expenditure respectively, with seven months repayment period,” it said.

The members unanimously accepted the request in a voice vote by the speaker.

News Agency Of Nigeria