The Kwara Government on Tuesday said the state’s debt currently stands at N30.2bn with a monthly repayment of N496m.
The Commissioner for Finance, Demola Banu, told newsmen in Ilorin that this was contrary to some speculations.
Giving a breakdown of the current indebtedness, Banu explained that the loan included N15.3bn balance of the Federal Government restructured loan, N4bn salary bailout, excess crude account loan outstanding of N9.3bn and vehicle loan balance of N128m. Banu said that the repayment of N496m was being deducted from the state’s monthly federal allocation, adding that the figure included a monthly deduction of N39m as repayment for foreign loans obtained by the government in the 1970s.
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