I inherited $587m, N85bn,115 contract liabilities, says Kaduna Gov.
By Innocent Raphael
Kaduna State Governor, Sen. Uba Sani, has expressed concern over the significant debt burden passed on by his predecessor, Mallam Nasir El-rufai.
The Governor made the disclosure on Saturday, during a Town Hall Meeting at the Umaru Musa Yar’Adua Hall in Kaduna
Sani, who highlighted the challenge of insufficient funds to cover salaries, revealed the inherited debt amounted to $587m, N85bn, and 115 contract liabilities.
He however assured citizens that despite the financial strain, his administration’s commitment to fiscal responsibility, remained resolute, having refrained from borrowing over the past nine months.
Sani also noted the impact of exchange rate fluctuations, resulting in nearly triple the repayment of borrowed amounts.
According to the Governor, a substantial portion of the state’s Federal Allocation, particularly N7bn out of N10bn received in March, was allocated to debt servicing.
With only N3 billion remaining after servicing debt, he acknowledged the insufficiency to cover the state’s monthly wage bill of N5.2bn.
Despite the prevailing circumstances, Sani assured citizens of his administration’s determination to navigate the state towards progress and sustainable development, underscoring ongoing strategic assessments and focused initiatives.
He stated, “Despite the huge debt burden of $587m, N85bn, 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 gladens my heart to inform you that despite the huge inherited debt on the state to date, we have not borrowed a single kobo.
“The key priority areas of our government include safety and security, housing, education, healthcare, and support for Micro, Small, and Medium Enterprises (MSMEs). We are also prioritising inclusive development by investing in human capital, stimulating the economy, and providing affordable housing.”
