Kaduna refutes reports of new $17.69 million loan
The Kaduna State Government, via the Ministry of Finance, has refuted claims of acquiring a new $17.69 million loan. State Commissioner for Finance, Shizzer Bada, conveyed the government's stance through a press release on Thursday. She clarified that the present administration did not undertake any borrowing of $17.69 million or any other amount as reported, emphasizing that such claims are entirely false and fabricated.
There must be clarity regarding borrowing, and it is crucial to understand that borrowing activities by sub-national entities in Nigeria are strictly governed by a framework comprising the Constitution of the Federal Republic of Nigeria," she stated.
She further clarified that the government, under the leadership of Governor Uba Sani, has not entered into any agreement or received any foreign loan as claimed.
The legal statutes concerning external borrowing by government entities are clearly outlined in relevant provisions.
The Debt Management Office (Establishment, Etc.) Act, 2003, explicitly mandates that no external loan can be approved or obtained without prior presentation of its terms and conditions to the National Assembly for approval," she emphasized.
The government urges the public to disregard the report and refrain from succumbing to misinformation.
Governor Uba recently expressed concerns about the substantial debt inherited from his predecessor, Nasir El-Rufai, during a town hall meeting on May 29, 2023. He disclosed that his administration inherited a total of $587 million, N85 billion, and 115 contract liabilities from the former governor. Additionally, he noted that N7 billion out of the N10 billion Federal Allocation for the state in March was used to service debt.
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