News

Zamfara govt counters DMO: We didn’t take N14.2bn loan

The Zamfara State Government has denied taking a N14.2 billion loan as indicated in a report by the Debt Management Office (DMO).

The Senior Special Assistant to the Governor on Media and Publicity, Sulaiman Idris, made this known in a statement issued on Monday, April 1, 2024.

Idris described the report as false, saying: “This is to clarify the DMO report which said that the Zamfara State Government borrowed N14.26 billion.

“The Zamfara government has never applied for loan or approached the State Assembly or National Assembly with such request.”

The governor’s spokesman noted that the sum of N14.26 billion stated in the DMO report was not borrowed by Governor Dauda Lawal’s administration.

8 suspended Zamfara lawmakers drag Attorney General, Speaker to court

He added: “The amount was part of the proceeds from a 20 billion naira loan floated by previous administrations in the state.

“No domestic or external loans have been borrowed since Governor Dauda Lawal came in.

“It is important to note that the previous Zamfara State Government floated a N20 billion bond but failed to collect the total amount.

“The immediate past government received N4 billion out of the N20 billion requested for the Zamfara Cargo Airport project, though the funds were not utilised.

“Upon assuming office, we discovered that the payment terms made terminating the bond impossible without incurring a significant loss for the state.

“The balance of N16 billion out of the N20 billion borrowed by the past administration is the N14.26 billion captured by the DMO. The value is reduced due to inflation.

“The bond balance, which is still in a government account, has not been used and will be reserved for the airport project.”

The Star

Segun Ojo

Recent Posts

Ijaw youths raise the alarm: Oil thieves after Kyari, Tompolo, Otuaro

The Ijaw Youths Network has raised the alarm over the intensified blackmail of huge international…

41 mins ago

NDLEA stops Italy-based businesswoman from exporting drugs via Lagos airport

The operatives of the National Drug Law Enforcement Agency (NDLEA) have foiled an attempt by…

4 hours ago

Businessman nabbed with 256 wraps of cocaine at Kano airport

The operatives of the National Drug Law Enforcement Agency (NDLEA) have thwarted an attempt by…

4 hours ago

Atletico Madrid snatch late win at Barcelona to top LaLiga

Atletico Madrid came from behind to snatch a last-gasp 2-1 victory over Barcelona and claim…

9 hours ago

Usyk beats Fury in heavyweight championship rematch

Oleksandr Usyk won his heavyweight championship rematch against Tyson Fury by unanimous decision overnight on…

9 hours ago

Abuja stampede: Wike commiserates with victims, directs free treatment

The Federal Capital Territory (FCT) Minister, Nyesom Wike, has Commiserated with victims of the stampede…

18 hours ago

This website uses cookies.