Ekiti State Government has approved the release of a sum of N74 million as 30 percent equity contribution for the purchase of 40 units of Toyota Hiace bus to be leased to commercial drivers in the State.

The State Commissioner for Information and Civic Orientation, Hon Taiwo Olatunbosun made this known while addressing journalists on the outcome of the State Executive.

He explained that the equity contribution which would be augmented by Mutual Benefit Assurance Company would serve as a loan and relief package to the Drivers’ unions as part of efforts at improving the transportation system in the state as well as enhancing the economic wellbeing of the people.

The Commissioner, who stressed that the distribution of the buses would be done without political bias to beneficiaries early next month, said that the fund would be recovered within three years through stipulated weekly.

Also as part of efforts of the Ekiti State Government at improving the wealth base of the people in the state, the State Executive Council has restricted the award of government contracts not exceeding a nominal value of N25 million to residents of the State.

Olatunbosun said that government would also enforce local content component in the execution of contracts awarded where such contents were available in the state, stressing that the gesture would however be without compromise to the quality of the materials which he said must not be inferior to those available elsewhere.

Relying on the constitution to define who constitute Ekiti resident, Olatunbosun explained that anybody that has been resident in the State for a minimum of five years with proof of residence would be deemed to be a resident of the State. The Information Commissioner added that for a corporate entity to be identified as an Ekiti Enterprise, it must be registered in the state and has an identifiable presence or registered by an Ekiti Indigene outside the state but has an operational branch in the state, stressing that it must be a responsible corporate body that did not default in payment of required development levy to the state government as and when due.

Olatunbosun noted that the gesture would create an opportunity for graduates of the skill acquisition programme of the Oni-led administration of readily getting post-training job experiences from the prospect would be opened through improved patronage of local Ekiti people in the execution of contracts in the state.