The Plateau state government has disclosed its total indebtedness to banks

PRESS RELEASE

The Plateau state government has disclosed its total indebtedness to banks at N18b as at April 2015. This revelation was made by the Commissioner of Finance Mr. Davou Mang and the Commissioner of Information Alhaji Abubakar Mohammed Badu while briefing pressmen at the end of the state Exco Council meeting presided by Governor Jonah David Jang. He said Council deliberated on the misinformation going round in the state regarding the true indebtedness of the state government particularly as it relates to the bond issuance by some group of individuals hence this clarification. The Commissioner said that the State government in its bid to put the state on a strong financial footing, approached the Capital Market and obtained a bond of N28.2b to service its raising debt profile which has reduced to N18b from the N48b before the bond issuance with a view to put the in-coming administration on debt relieve. Meanwhile he said that the N80b inherited by the Jang administration in 2007 was serviced during its first tenure as a mark of commitment of its financial probity. He explained that the debt profile will continue to reduce drastically even after the expiration of the tenure of this present administration. The Commissioner said that the state government has consistently made it clear that it have nothing to hide as it has maintained an open and transparent financial operation in discharge of its duties since the inception of the administration. For the avoidance of doubt the bond was raised for financing of certain bank loans. No cash was received by the state government.

Hon. Abubakar Mohammed Badu

Commissioner,

Information and Communication

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