Kaduna State Governor, Uba Sani, on Saturday revealed that his administration inherited a huge debt portfolio of $587 million, ₦85 billion, and 115 contractual liabilities from the immediate past administration of Nasir El-Rufai.
He bemoaned the fact that the state is now paying back almost triple of what was borrowed by the previous administration due to astronomical rise in the exchange rate.
He disclosed that ₦7bn out of the ₦10bn federal allocation for the state in March was diverted to debt service.
The Governor was speaking in Kaduna on Saturday while addressing a town hall meeting.
Furthermore, he said the state was left with ₦3bn after deduction for servicing the state’s debt, an amount which was not enough to pay salaries, as the state’s monthly salary bill currently stands at ₦5.2 billion.
“Despite the huge debt burden of $587 million, N85 billion, and 115 contractual liabilities sadly inherited from the previous administration, we remain resolute in steering Kaduna State towards progress and sustainable development.
“We have conducted a thorough assessment of our situation and are sharpening our focus accordingly. It gladdens my heart to inform you that despite the huge inherited debt on the state, till date, we have not borrowed a single kobo,” he said.
He reiterated his government’s resolve to prioritize safety and security, housing, education, healthcare, and support for Micro, Small, and Medium Enterprises (MSMEs) while not backsliding on inclusive development by investing in human capital, stimulating the economy, and providing affordable housing.
Join our WhatsApp community via https://goquick.ly/cj8q2 for instant and latest news updates.
