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.

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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