Kwara State has reported a notable decrease in its domestic debt stock for the first quarter of 2024.
According to the latest report from the Debt Management Office (DMO), Kwara State's domestic debt now stands at N59,071,666,365.52.
This figure marks a substantial 45.89% decrease from the previous debt stock recorded in December 2023, which was reported at N109,162,798,865.21.
The reduction in debt has been attributed to the concerted efforts of the state government, which has prioritized fiscal responsibility alongside its extensive infrastructure projects across the state.
The latest data underscores Kwara State's commitment to managing its financial obligations while continuing to invest in essential developmental projects aimed at enhancing the overall welfare of its residents.
The Kwara State government has yet to issue an official statement regarding the latest debt figures, but expectations are high for further insights into the strategies and policies driving this significant reduction in domestic debt.
The next quarterly report from the DMO will provide more insights into the trajectory of Kwara State's debt management strategies and their impact on the state's overall economic health and development agenda.
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