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

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

932
Kaduna State debt

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.

It gladdened my heart to inform you that despite the huge inherited debt on the state to date, we have not borrowed a single kobo.

About The Author

Related Articles

Aaron Greenspan Accuses FBI, DEA of Deliberately Playing Politics by Delaying Release of Unredacted Drug Files for Nigerian President Tinubu
NewsPolitics

Aaron Greenspan Accuses FBI, DEA of Deliberately Playing Politics by Delaying Release of Unredacted Drug Files for Nigerian President Tinubu

PlainSite Founder, Aaron Greenspan, has accused the Federal Bureau of Investigation (FBI)...

FG Moves to Hike Electricity Tariff Despite Economic Hardship
News

Tinubu Delivers on Key Promise: ‘Reduce the Purchasing Power of Nigerians’

In what may be the first promise he has successfully fulfilled since...

NewsSports

Nigerian Stars Chiamaka Nnadozie, Madugu Named in 2025 Ballon d’Or Shortlist

Nigeria has once again made the spotlight as the 2025 Ballon d’Or...

WAEC WASSCE 2024 Results
EducationNews

WAEC Shuts Down Result Portal Over Glitch, As Public Outcry Mounts Over Poor 2025 WASSCE Results

The West African Examinations Council (WAEC) has temporarily shut down its result...