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Published On: Wed, Jun 25th, 2014

Zamfara sells out N24bn shares

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From Ibrahim Sidi Muh’d, Gusau

Zamfara state government on Tuesday has concluded plans at the state executive council meeting to sell its shares to the Niger Delta Power Holding Company (NDPHC) worth 24 billion naira.

The state Commissioner of information, Ibrahim Muhammad Birnin Magaji, told newsmen that the amount was financially considered through the mandatory deduction of the excess crude oil fund being allocated to the states and local governments invested in the NDPHC by the federal government.

Birnin Magaji said the amount would cover a total sum of N19 million units of shares belonging to the state and its 14 local government areas, adding that the state government would utilise the money in addressing the shortfall challenges in the statutory revenue allocation to the state from the Federation Account.

He maintained that part of the fund would be managed to address further challenge of budget deficit as well as augment in any other aspect of the budget.

He however elaborated that all the shares belonging to the state government that were managed at the Mambilla and Zungeru Hydro- power plants would not virtually be affected by the resolution taken at the state executive council meeting.

 

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