Sokoto Assembly approves N2bn motorcycle loan for 10,000 workers

The Sokoto State House of Assembly has a approved N2 billion loan for the purchase of 10,000 motorcycles for the state’s civil servants.

The approval on Thursday followed a letter sent to the assembly by the state government requesting the granting of the loan.

The cost of each motorbike was given as N260,000 and the beneficiary workers are to pay back the loan over a period of four years at an interest rate of 14 per cent.

The APC Caucus Leader in the Assembly, Alhaji Bello Ambarura, said the loan facility was facilitated by the state chapter of Nigeria Labour Congress.

He said. “The Sokoto State Chapter of Nigeria Labour Congress approaches a bank for the financing of the supply.

“Following due consultation based on mutual understanding, agreement was reached between the bank and the NLC for the release of N2 billion required to procure 10,000 motorcycles.

“This is to be distributed to the state civil servants at the cost of N260,000 per unit at an interest rate of 14 per cent.”

The period is 24 months and payment would be deducted from the beneficiaries’ salaries. Deputy Speaker of the assembly, Alhaji Abubakar Magaji, who presided over the plenary put the motion into a voice vote, where it was unanimously adopted.