Gov. Buni slashes rent on newly completed markets

Governor of Yobe State, Mai Mala Buni, has subsidised rents by 35 percent for over 2, 500 shops at the five completed markets in the state.

The markets are sited in Gashua, Nguru, Potiskum, Geidam, and Damaturu, completed by the Buni administration at N12.8 billion.

According to him, the subsidisation of rents on market shops and stores is to boost the business activities of traders and other businessmen, a report by the Guardian revealed.

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Unveiling the subsidised rents on shops in Damaturu, the Governor disclosed, “The 35 percent 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 said that the reduction in rents with a subsidy of 35 percent has become inevitable to support and encourage traders to operate their businesses in the new markets.

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“Their business could also thrive competitively at the completed five markets across the state,” he noted.

In a breakdown of rents for the various shops, he said: “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.”

Besides, he added that the ground floor prime view with two faces which was to earn N442, 000, is now to be rented at N287, 300.00 per annum, while the ground floor shops and other doubles for N390, 000.00 is reduced to N253, 500.

The ground floor single shops initially with an annual rent of N325, 000 will now be slashed to N211, 250, while the ground floor shops with two phases are to attract N253, 500, as against the initial price of N390, 000.

The Governor further disclosed that the upstairs PVD has been reduced to N253, 500.00, as against the former rate of N390, 000 per annum.

He said that the upstairs PVS will now cost N211, 250, as against the initial fixed rent of N325, 000.

According to Buni, the upstairs prime view with two faces will attract an annual rent of N236, 600, while the upstairs others double is pegged at N169, 000.

He, therefore, declared that the other upstairs single is now to attract an annual rent of N152, 100.

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