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The Sokoto State Government has announced its intentions to seek a N65.7bn loan to finance different projects in the state including purchasing cars and paying for Hajj – Muslim pilgrimage.
According to the Commissioner for Information in the state, Isah Galadanchi, the decision to secure the loan was reached following an executive council meeting.
In the breakdown of the uses of the loan, N320m would be used to purchase cars for judiciary staff and N1bn for Hajj.
The loan, which would be serviced in 36 months and would not be a liability to be inherited by successive governments, would be used to also facilitate education and health projects, the government said.
Another N550m would be spent on procuring 200 generators to provide potable drinking water in rural areas, while N140m would be expended on the procurement of water resources implements.
Also, N4bn would be accessed from the Central Bank of Nigeria agricultural loan facility as a counterpart funding.
The sum of N10bn would be sourced to finance the payment of contractors that would execute contracts awarded to them under the State Universal Basic Education Board.
Other projects include N3bn for the procurement of fertiliser to be sold to farmers at subsidised rate and N5bn 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 N1.5bn.
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