Gov. Sani Reveals Inherited Debt Burden Of $587m, N85bn, And 115 Contractual Liabilities From El-Rufai

Gov. Sani Reveals Inherited Debt Burden Of $587m, N85bn, And 115 Contractual Liabilities From El-Rufai

Kaduna State Governor, Sani Uba, has shed light on the daunting financial challenges he inherited from his predecessor, Nasir El-Rufai’s administration, citing a staggering debt burden of $587 million, N85 billion, and 115 contractual liabilities…..READ ALSO 31 States Accumulate N330 Billion Salary Bailout Debt From CBN

Addressing attendees at a town hall meeting on Saturday, March 30, Governor Sani outlined the profound impact of this hefty debt on the state’s financial resources, noting that servicing these obligations has significantly diminished the state’s federal allocation.

Expressing concern over the detrimental effects of currency exchange rate fluctuations, Governor Sani emphasized that the state now finds itself repaying nearly triple the amount borrowed by the previous administration due to currency devaluation.

The governor revealed that a substantial portion of the state’s recent N10 billion federal allocation, amounting to N7 billion, was allocated towards servicing the existing debt, leaving a mere N3 billion for other essential expenditures. Notably, this amount falls short of covering the state’s monthly salary bill, which stands at N5.2 billion.

Despite the formidable challenges inherited, Governor Sani asserted that his administration has abstained from further borrowing over the past nine months, demonstrating a commitment to prudent financial management and fiscal responsibility.

He expressed determination to navigate Kaduna State towards progress and sustainable development, despite the daunting financial landscape. Governor Sani’s remarks underscored his administration’s resolve to conduct a comprehensive assessment of the state’s financial situation and adopt strategic measures to address the prevailing challenges.

The town hall meeting witnessed the presence of diverse stakeholders, including traditional rulers, religious leaders, political figures, organized labor representatives, civil society organizations, youth and women groups, as well as prominent personalities such as former Governor Ramalan Yero and former Chief of Defence Staff General Martin-Luther Agwai, among others.

As Governor Sani continues to lead Kaduna State through these challenging times, his commitment to fiscal transparency and accountability remains paramount in ensuring the state’s prosperity and well-being.

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