The Sokoto State House of Assembly on Thursday, approved the request of Governor Aminu Tambuwal’s request to secure N6.26 billion loan from Zenith Bank, TAJ Bank and Sterling Bank PLC.
The resolution followed a motion moved by Malami Basakkwace and Leader in the House after the consideration of a report by the whole house committee.
The governor, whose request was contained in a letter dated July 13 and presented at plenary on Wednesday, said that part of the credit facility amounting to N4.6 billion, is to finance SDGs counterpart funding and certain recurrent expenditures.
“It is with great pleasure that I forward herewith to the Assembly the intention of the state government to secure N4.6 billion loan facilities.
“This is in order to finance the counterpart funding of Sustainable Development Goals (SDGs) programme in the state and certain unforeseen recurrent expenditures.
“The decision to secure the loans is necessary to augment the current budgetary provisions and fast-track the implementation of the SDGs projects in the state,” the letter stated.
Tambuwal further said that government also intended to secure N1.66 billion loan from Zenith Bank PLC, to finance the counterpart funding of the State Universal Basic Education Board for the year 2020 and 2021.
“However, it is important to state that the decision to secure the loan is necessary to augment the current budgetary provisions and fast-track the activities of the Board for the years under reference,” he added.
The members unanimously accepted the request in a voice vote presided over by the Deputy Speaker, Abubakar Magaji.
In a related development, the House received Tambuwal’s application for 2021 virement warrant request to the tune of N155 million for capital projects.
