The Sokoto State House of Assembly on Thursday approved N2 billion loan for the purchase of 10,000 motorcycles for the civil servants in the state.
The approval followed a letter sent to the assembly by the state government requesting for the granting of the loan.
Explaining the rationale behind the loan, Alhaji Bello Ambarura, APC Caucus Leader in the assembly said it aimed at enabling the state government through the State Chapter of Nigerian Labour Congress (NLC), to secure facility for the purchase of the motorcycles
Ambarura said “In the light of this development, the State Chapter of the Nigerian Labour Congress (NLC) approached Zenith Bank Plc for the financing of the supply.
“Following due consultation based on mutual understanding, an agreement was reached between the bank and NLC for the release of N2 billion required to procure 10,000 DAYLONG CG brand of 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.