Unveiling The Financial Legacy: Governor Sani Inherits $587m, Alongside $85bn Debts And 115 Contractual Encumbrances

Kaduna State Governor, Uba Sani, revealed that upon assuming office, his administration was burdened with a substantial debt load of $587 million, N85 billion, and 115 contractual obligations inherited from the previous administration led by Nasir El-Rufai.

Speaking at a town hall meeting in Kaduna on Saturday, Governor Sani expressed concern over the significant impact of this debt on the state’s finances. He noted that the escalating exchange rate has resulted in the state paying back nearly three times the amount originally borrowed.

Governor Sani disclosed that a substantial portion of the state’s federal allocation, specifically N7 billion out of the N10 billion received in March, was allocated to servicing these debts. This allocation left the state with only N3 billion, which he emphasized was insufficient to cover the monthly salary bill of N5.2 billion.

Despite facing this daunting financial challenge, Governor Sani affirmed that his administration has refrained from borrowing any additional funds over the past nine months.

He stated, “Despite the monumental debt burden inherited from the previous administration, we are unwavering in our commitment to advancing Kaduna State’s development agenda.”

Governor Sani outlined his administration’s key focus areas, which include enhancing safety and security, improving housing, advancing education and healthcare services, and supporting Micro, Small, and Medium Enterprises (MSMEs). He also underscored the importance of inclusive development, emphasizing investments in human capital, economic stimulation, and the provision of affordable housing.

Looking ahead, Governor Sani highlighted his administration’s priorities for the coming year, signaling a continued dedication to addressing the challenges inherited and steering Kaduna State towards progress and sustainable development.

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