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Kwara Owes N30.2bn, Not N50.2bn -Commissioner
The Kwara Government yesterday said the state’s debt currently stands at N30.2bn with a monthly repayment of N496m.
The Commissioner for Finance, DemolaBanu, told newsmen in Ilorin that this was contrary to some speculations.
According to him, the debt was N31.4bn in 2017 and N30.7bn at the end of 2018, contrary to social media speculation of N50.2bn.
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.
Others are the Commercial Agriculture Credit Scheme and Anchor Borrowers Programme Agriculture Scheme with respective balances of N646m and N679m as well as International Aviation College loan balance of N96m.
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.
Banu said that the Federal Government restructured the state government’s short and long-term bank loans to reduce monthly repayment, while the state also benefited from a five billion salary bailout loan in 2015.
The commissioner said that the excess crude account loans were Federal Government-backed bank facilities which served as seed money for the Kwara Infrastructure Development Fund (IF-K) and payment for ongoing projects in the state.
He said that the CACS and ABP were state-government guaranteed Central Bank of Nigeria loans to farmers in the state.
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RSG INAUGURATES ARMED FORCES REMEMBRANCE DAY COMMITTEE
The Rivers State Government has inaugurated a Central Planning Committee to organize the celebration of the 2026 Armed Forces Remembrance Day (AFRD) in the State.
The committee was formally inaugurated by the Secretary to the State Government, Dr. Benibo Anabraba in Port Harcourt, last Thursday.
Dr Anabraba who also serves as Chairman of the Committee
highlighted the State Government’s deep appreciation for the sacrifices of Nigeria’s fallen heroes who laid down their lives for the nation’s peace and unity.
“These heroes have given their lives for the security and peace of our nation and deserve to be celebrated. The Armed Forces Remembrance Day is an opportunity to show our gratitude for their sacrifice,” he said.
Dr. Anabraba further extended recognition to all Security Agencies in the State, emphasizing the importance of the event in appreciating their contributions to national security and sovereignty.
The annual Armed Forces Remembrance Day, observed on January 15 across the country is dedicated to remember Nigeria’s departed soldiers and honouring the nation’s veterans.
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