By DAUD OLATUNJI
ABEOKUTA — Ogun State  Government  yesterday denied obtaining a N40 billion bond from Brazil, but it got the approval  of the state House of Assembly to borrow only N25 billion for its development projects.

Commissioner for Finance, Kemi Adeosun,  said this at a  briefing in Abeokuta.

Adeosun, who  accused  the past administration of misappropriation, said the government had discovered  many shoddy deals allegedly perpetrated by the past administration.

According to her, N1 billion had been discovered during a review of banking transactions and  charges recently.

It will be recalled that, former Commissioner for Information during Otunba Gbenga Daniel’s administration, Sina  Kawonise, had alleged that  the Senator  Ibikunle Amosun  government had  obtained  a N40 billion  loan from a Brazilian financial  institution.

Reacting to the allegation, the commissioner said some companies from Brazil approached the state government with a proposal for some capital projects on debt for the state  on “contractor financing.”

Adeosun said: “We are one year in office, there is no bond. It has been disapproved and debunked. We are re-engineering. We are not saying we are not going to borrow. We have taken loans. We have borrowed only N6 billion out of the approved N25 billion.”

According to her, “contrary to the allegation that the state government obtained loan from Brazil, it  only sought for the permission from the state House of Assembly to allow the companies in Brazil  to construct some  capital  projects on the proposed arrangement, which was approved by the Assembly.

“Brazilian loan is another example of some misinformation. It is not a loan, it is contractors financing. We have not collected Brazilian loan.”