33.2 C
Saturday, April 1, 2023

Gombe Obeys CBN Directives, Approves Recapitalisation of Micro Finance Bank

Must read

- Advertisement -
- Advertisement -

Following the directives of the Central Bank of Nigeria (CBN) that all Microfinance Banks in the country be recapitalised or risk being shut down, the Gombe State government has approved the recapitalisation of the Bubayero Micro Finance Bank to a shareholding capital of N500 million by April ending of 2021 and subsequently to N1 billion ordinary shares by April next year.

The government explained that the said Micro Finance Bank, which is jointly owned by the State and Local Governments in the State, provides a financial life line to citizens of the State who cannot approach conventional banks for credit facility and other financial services.

The Commissioner of Finance and Economic Development, Muhammad Gambo Magaji, while briefing journalists during a coordinated media chart after the State Executive Council (SEC) meeting, he said, the recapitalisation of the Bubayero finance bank was done in the interest of the people.

Also speaking under the purview of his Ministry, the Commissioner of lands and survey, Usman Jafun Biri said Council approved over N200 million for payment of compensation to individuals and companies whose property will be affected by the 3.39 kilometres London Maidorawa-Alkahira-Arawa and Layin Shehun Brema- Bolari- Izala to State New Lodge roads.

Speaking, the Commissioner of Water Resources, Mijinyawa Yahaya said the present administration has expended about N4.3 bn for the operations and maintenance of the process of water supply to Gombe metropolis and environs from the period covering May 29th 2019 to date.

While giving a breakdown of the N4.3bn expended, the Commissioner said a sum total of N3.2 billion was paid to CGC Nigeria Limited for operations and maintenance since the inception of the administration of Governor Muhammadu Inuwa Yahaya.

He also revealed that the sum of N36 million was paid to the State Water Board as overhead, while salaries and wages for the staff of the board gulped over N430 million and payment made to Jos Electricity Distribution Company JEDC for its services stood at N740 million for the period under review.

Yahaya explained further that, considering the humongous amount being spent by the administration of Governor Inuwa Yahaya in the provision of water to the people of the State and the paltry sum of N18 million generated as revenue, the Gombe State Government will soon come up with a technologically driven method of pay as you consume while expanding the supply of water networks across the state.

- Advertisement -
- Advertisement -

More articles


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

- Advertisement -

Latest article