Wednesday 19 October 2016

Sokoto Govt seeks N5bn loan to settle counterpart funding obligations

Sokoto State Government plans to secure a N5 billion loan facility to settle counterpart funding obligations to various multilateral agencies, the Commissioner of Finance, Alhaji Sa’idu Umar, has said.

Umar told the News Agency of Nigeria (NAN) in Sokoto on Wednesday that the move was necessary so as to fully tap from the various facilities, to enhance social and economic development of the state.

The commissioner said that the plan had been approved by the State Executive Council during its meeting on Oct. 13.

He said that the loan would be secured from commercial banks in the country.

“These funds will be paid to various national and multinational organizations as counterpart funding contribution of the state for 2016/2017.

“They include Fadama III, Universal Basic Education Commission and UNICEF, among others.”

According to him, the recourse to loan is necessary, if the government is to honour its commitments to the various organizations.

The commissioner stressed that the gains from the partnership was huge for the people of the state, especially in enhancing the economic status of the people and addressing current suffering in the land.

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