Kwara debt profile hits N30.2b

THE Kwara State government yesterday put its debt profile at N30.2 billion.

It added that the debt has a monthly repayment of N496.3 million.

Commissioner for Finance Alhaji Demola Banu said the debt stood at N31.5 billion in 2017 and N30.8 billion at the end of 2018 as opposed to social media speculation of N50.2 billion.

Giving a breakdown of the current indebtedness, Banu explained that the N30.2 billion includes N15.3 billion as the balance of the Federal Government restructured loan and N4 billion as salary bail out.

Others are excess crude account loan outstanding of N9.3 billion and vehicle loan balance of N128.9 million.

Also included are the Commercial Agriculture Credit Scheme (CACS) and Anchor Borrowers Programme (ABP) agriculture scheme with respective balances of N646.2 million and N679.2 million as well as International Aviation College loan balance of N96.1 million.

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He clarified that the repayment of N496.4 million is deducted from the state’s monthly federal allocation.

Banu added that the figure includes a monthly deduction of N39.6 million as repayment for foreign loans obtained by the government in 1970s.