Gov. Aminu Tambuwal of Sokoto State has requested the approval of the state House of Assembly to secure N30 billion loan facility from Access Bank to part fund the 2021 Budget.
Tambuwal, in a letter dated Dec. 16, addressed to the Speaker, Alhaji Aminu Achida, and presented at the Assembly sitting on Thursday, said that the loan facility is to bridge the gap in anticipated revenue shortfall.
“I am pleased to convey to the Assembly the intention of the state government to secure N30 billion loan facility to bridge the gap in the anticipated revenue shortfall and augment the current budgetary provisions in some of the socio-economic sectors.
“It is important to state that the decision to secure the loan, which is project-specific, was borne out of the need to restructure the loan of over N67 billion earlier approved by the Assembly, but could not be accessed as requested.
“With changing priorities, the current fund will be committed to financing the legacy projects and rebuild the various infrastructures destroyed by windstorm and flood across the state.
“This is as well as the extension of palliatives to the citizens to cushion the effect of Coronavirus (COVID-19) Pandemic,” he said.
In a related development, two out of the five Bills recently sent to the Assembly by the governor passed second reading at the plenary.
One of the Bills is to repeal audit law 1959 and re-enact public audit law, 2020, to provide for the qualification of appointment and tenure of office of Auditor General of the state, grant him operational financial autonomy and independence.
The other is a Bill to provide for the establishment of the office of the Auditor General for local government, its functions and power.