Zamfara Gov’t Denies Borrowing ₦14 Billion

Governor Dauda Lawal’s government of Zamfara State has debunked the claims that it acquired ₦14.26 billion through a loan.

Governor Lawal’s spokesperson, Sulaiman Bala Idris, clarified in a statement made available to journalists that the money was a portion of the proceeds from a ₦20 billion bond initiated by the previous administration in the state.

He reiterated that the current administration has not taken any loans, whether domestic or external, since assuming office.

Naija News understands that the statement contradicts the report from the Debt Management Office (DMO), which suggests otherwise.

Idris further explained that the previous administration had initiated an ₦20 billion bond for the Zamfara cargo airport project.

However, only ₦4 billion was received and not utilized. The remaining balance of ₦16 billion from the bond is reflected as ₦14.26 billion in the DMO report, taking into account inflation adjustments.

“It is important to note that the previous Zamfara State government floated a ₦20 billion bond but failed to collect the total amount.

“The immediate past government received ₦4 billion out of the ₦20 billion loan requested for the Zamfara cargo airport project, though the funds were not utilized.

“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 ₦16 billion out of the ₦20 billion borrowed by the past administration is the ₦14.26 billion captured by the Debt Management Office (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,” Idris said.