Yobe State’s Governor Mai Mala Buni has granted a 35% discount on the rent of more than 2,500 outlets for business owners at the five finished markets in the state.
Gashua, Nguru, Potiskum, Geidam, and Damaturu, the state capital, are the locations of the markets, which were finished by the Buni administration for N12.8 billion.
He claims that by subsidizing market shop and store rents, business activity among traders and other businessmen and women will increase.
In Damaturu yesterday (Wednesday), the Governor revealed the store rent subsidies: The 35 per cent subsidy followed the initially approved annual rents on shops; as recommended in the report of the Committee on the allocation of shops to traders and other businessmen and women in the state.”
He claimed that in order to assist and incentivize traders to run their operations at the new marketplaces, a reduction in rents with a 35% subsidy had become necessary.
He added that “their firm might also prosper in the finished five markets throughout the state.”
He listed the various shops’ rents as follows: “The ground floor Prime View Double (PVD) shop with an initial price of N468, 000 rent per annum; is now reduced to N304, 200.”
“The ground floor Prime View Single (PVS) initially at N390, 000; is now to be rented out at N253, 500 a year.”
Additionally, he said that the ground floor prime view with two faces, which was expected to bring in N442,000, will now be rented for N287,300 year, while the ground floor stores and other doubles, which were expected to bring in N390,000.00, will now only fetch N253,500.
The initial ground floor single businesses’ yearly rent of N325, 000 will now be reduced to N211, 250, while the starting fee for the ground floor shops with two phases will now be N253, 500 instead of N390,000.
He also revealed that the PVD for the upstairs has been lowered from N390,000 per year to N253, 500.00.
As opposed to the initial set rent of N325, 000, he stated that the upstairs PVS will now cost N211, 250.
Buni claims that the annual fee for the upstairs prime view with two faces will be N236, 600, while the price for the remaining double rooms is N169, 000.
Therefore, he declared that the upper single rooms would now command a N152, 100 yearly fee.
