The Zamfara State Government disclosed that its Internally Generated Revenue (IGR) rose to N102.035bn due to its gold deposits and its acquisition of real estate properties.
The disclosure was made by the Special Adviser on Investment and Public Private Partnership to Zamfara State Governor, Dr. Rabi Ibrahim.
Ibrahim said that the acquisitions made by the state were a reflection of the current administration’s vision in expanding the state’s resources.
She added that the state’s current acquisition was a five-star hotel that was achieved through the Investment and Public Private Partnership Directorate.
“The latest acquisition of Zamfara State in its real estate investment through the Investment and Public Private Partnership Directorate is a functional five-star hotel at Wuse 2, the posh area of the FCT,” Ibrahim said.
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“The hotel was offered for outright sale at N2.1 billion and it is built with modern day facilities and tasteful furnishings. However, after intensive negotiations and advice from the consortium of three valuation consultants engaged by the directorate, the price was slashed to N1.8 billion.
“We wrote His Excellency, the Governor for approval, which he did but requested we must ensure due process.”
The purchase of the hotel, according to her will balance off in five years and will be a source of revenue generation for the state.