Yobe Governor, Mai Mala Buni has approved a 35 per cent subsidy on rates for shops in the newly commissioned Modern Markets to boost business activities in the state.
Gov. Buni through his Spokesperson, Mamman Mohammed in a statement issued on Wednesday gave the subsidy following the initially approved rates as recommended in the report submitted by the State Committee on Allocation of Shops.
The Governor said the reduction in prices of the shops became necessary to support and encourage traders to operate in the new markets for businesses to thrive in the new markets.
Part of the statement read: “The Ground Floor Prime View Double with an initial price tag of N468,000.00 for rent per annum is now reduced to N304,200.00 while, the Ground Floor Prime View Single initially put at N390,000.00 is now to be given out at N253,500.00 per annum
“Similarly, the Ground Floor Prime View with two faces that were to attract N442,000.00 is now to cost N287,300.00 per annum, and Ground Floor others Double put at N390,000.00 is now reduced to N253,500.00.
“The Ground Floor Others Single initially with a rent tag of N325,000.00 will now be paid for N211,250.00 as annual rate, and Ground Floor others two face is to attract N253,500.00 against the initial price of N390,000.00
“The Upstairs Prime View Double has been reduced to N253,500.00 against the former rate of N390,000.00 while, Upstairs Prime View Single will now cost N211,250.00 against N325,000.00 fixed earlier.
“The Upstairs Prime View two face now costs N236,600.00 and the Upstairs others Double is pegged at N169,000.00
While Upstairs others Single is now to attract N152,100.00 as per annum.
“The two face Upstairs others earlier approved for N260,000.00 is now to be rented out at N169,000.00, while Block B Standard now attracts N211,250.00 against N325,000.00 as annual rent.
“Block B Regular will be given out for N185,900.00 against N286,000.00 while Block C now goes for N211,250.00 against N325,000.00, and the Meat Shop Slabs goes for N105,625.00 against the initial rate of N162,500.00.
“Similarly, the Outdoor Fish Stalls have been reduced to N67,600.00 against the initial rate of N104,000.00
and the open Stalls now attract N84,500.00 against N130,000.00.
“The Large Warehouses that were fixed for N650,000.00 is now to be given out for N442,500.00 and the Refuse Dump Sites are now N84,500.00 against N130,000.00”.
The governor said the reduction in the rent prices is to make the shops and stalls in the markets affordable to traders for a conducive business environment that would move with the changing times.