Zamfara State government received the sum of fifty eight billion, twenty four million, four hundred and seventy seven thousand six hundred and seventy Naira One kobo (N58,024,477,670.01K), as intervention funds. salaries bailout, excess crude account, commercial Banks restructured loan from DMO Abuja and budget support facility all from federal government for the following purposes.
(A). Salaries and Pension Bailout funds :- This facility was granted by the federal government through the Skye Bank amounting to Ten billion twenty million, nine hundred and fifty two thousand, nine hundred and sixty four Naira, fifty one Kobo (N10,020,952,964.51K) to Zamfara State government at 9% interest for a tenor of 20 years for payment of salary areas to the state and local government workers.
(B). Conversion of Commercial Bank loan to FGN Bond :- This facility was facilitated by the DMO Abuja in converting State and local government loans outstanding to the tune of Eighteen Billion, four hundred and thirty four million, five hundred and twenty four thousand, seven hundred and five hundred Naira five Kobo (N18,434,524,705.50K) to FG bond which will ease the state to have a lower repayment of the loan for a higher period of time. The tenor of the loan is 19 years at 14.8% interest rate.
(C). Excess crude account concession loan :- This facility was granted by Central Bank of Nigeria through Skye Bank to Zamfara State government at 9% interest rate per annum for 20 years tenor for developmental projects. Excess crude account was issued as collateral. Zamfara State received the sum of Ten Billion Naira (#10,000,000 000.00k).
(D). Budget support facility :- This facility was monthly granted to the state by the federal government to ease budgetary shortfall experience by the states. The facility will provide financial support to State in the execution of their annual budget. CBN Small medium enterprises Loan (SME ).
(E). Two (N2.000.000,000 .00k ) Billion Naira SME intervention funds :- The funds were sourced from CBN for the expansion of business of SME in the state. No records of the disbursement of the funds to the targeted beneficiaries. The Governor and some members of his Executive council marginalized all the stake holders and shared the money to themselves.
1. All the loan are tied to irrevocable standing payment order (ISPO) to be deducted from the source (FAAC) on monthly basis throughout the loan repayment tenor.
2. All the funds has been recklessly misappropriated, diverted, siphoned for personal enrichment through proxies , family, friends and cronies.
THIS IS TIME FOR US TO SUPPORT EFCC TO PROSECUTE A.A YARI FOR LOOTING ZAMFARA STATE TREASURY.