Zamfara State Governor, Dauda Lawal, says his administration has not approached the Debt Management Office, DMO, for any loans since he assumed office on May 29 last year.
In a statement by his Chief Press Secretary, Mr. Suleiman bala Idris, clarifying the position of the Debt Management Office report that the Zamfara State government borrowed N14.26 billion, governor Lawal says no domestic or external loans have been borrowed since his assumption of office.
READ ALSO: No Sacred Cows In Our Anti-Corruption Fight, Says EFCC
Clarifying further, the governor says the previous Zamfara State government floated a N20 billion bond but collected only N4 billion out of the total amount. Though unutilised, the funds were for the Zamfara cargo airport project.
He also says that upon assuming office, his administration discovered that the payment terms made terminating the bond impossible without incurring a significant loss for the state. This, he adds, led to the balance of N14.26 billion, out of the N20 billion borrowed by the past administration, being captured by the Debt Management Office. The value is reduced from N16 billion due to inflation, and is still in a government account, unused, and is being reserved for the airport project.
Leave feedback about this