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N14.26bn Not Borrowed But Proceeds Of N20bn Loan By Predecessor

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

The Zamfara State Government has disclosed that the sum of N14.26 billion was not borrowed but part of the proceeds from a N20 billion loan floated by the previous administration.

“Zamfara State Government has never applied for loans or approached the State Assembly or National Assembly for such a request.“It is important to note that the previous Zamfara State Government floated a N20 billion bond but failed to collect the total amount. “Upon assuming office, we discovered that the payment terms made terminating the bond impossible without incurring a significant loss for the state.

 

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