El-Rufai left 587 million Dollars and 85 billion Naira debt – Gov. Uba Sani

Oluwasegun SanusiMarch 30, 20241 Mins read555

Kaduna State Governor, Sen. Uba Sani, has disclosed a debt burden left behind by the previous administration led by Nasir El-Rufai.

Addressing a Town Hall Meeting at the late Umaru Musa Yar’Adua Hall in Kaduna, Governor Sani highlighted the dire financial deficit, citing a 587 million Dollars and 85 billion Naira debt, along with 115 contractual liabilities.

Despite the huge debt burden of 587 million Dollars, 85 billion Naira, 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, – Governor Sani noted.

Governor Sani emphasised the adverse impact of the debt burden on the state’s finances, revealing that a substantial portion of the Federal Allocation was being diverted towards debt servicing. “Due to the rise in the exchange rate, we are paying back almost triple what was borrowed by the administration of Nasir El-Rufai,” he remarked.

He further disclosed that a significant portion of the state’s March Federal Allocation, amounting to N7 billion out of N10 billion, was utilised solely for debt servicing, leaving a paltry sum for essential expenditures.

The state was left with N3 billion, which is insufficient to cover the monthly wage bill of N5.2 billion.

Despite the daunting challenges posed by the inherited debt burden, Governor Sani asserted his administration’s prudent financial management by revealing that no additional borrowing had been undertaken in the last nine months.