First Bank

Tuesday, September 6, 2016

Battling With 11 Months Salary Debt Gov Yahaya Bello’s Kogi Govt Set To Buy 109 Luxury Cars Valued At $12m For Traditional Rulers, Assembly Members, Commissioners & Council Administrators

Kogi state government has concluded plans  to purchase 109 luxury cars worth $12 million ,despite inability to pay salaries.

Beneficiaries include 
traditional rulers, House of Assembly members, Commissioners local government administrators.

  The contract for the supply of 55 Toyota Prado Jeeps, 29 Camry Cars, 11 Corollas and 14 Land Cruiser Jeeps , all 2016 models

According to the documents signed by the state’s commissioner for Finance, Asiru Idris, dated June 9, shows that the $12m will be a loan from Zenith bank with an interest rate of 8% repayable for 3 years.

. The cost of the vehicles is N2,899,000,000 with the breakdown as- 11 Toyota corolla at N143million (13million per unit); 29 Camry Cars N551 million (N19m per unit); 55 Toyota Prado VXL at N1,650 billion (N30 million each); 5 Land Cruisers V8 VXR  at N240million (48 million per unit) and 9 Land Cruisers V8 VXR at N315 million ( N35million per unit)

. More worrisome, the Kogi state government has offered to pay in Dollars thereby violating CBN rules just as the said $12m loan will be repaid via Internally Generated Revenue.

Governor Yahaya Bello was recently stoned by aggrieved citizens for alleged lack of sensitivity to the plight of workers.

The state is 11 months behind in the payment of civil servants wages.


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