State govt denies allegations of N36bn borrowing in 6 months
The Kaduna State government has denied reports alleging that it borrowed N36 billion in the past six months. In an official statement, the Commissioner of Planning and Budget, Mukhtar Ahmed, described the claims as false and misleading.
The government clarified that it has not taken any new loans since Governor Uba Sani assumed office. Instead, the state is facing a significant repayment burden due to the massive devaluation of the Naira, which has led to nearly three times the loan amounts inherited from the previous administration.
Ahmed explained that the inherited debt includes long-term loans, such as those from the World Bank for programs like AGILE, SURWASH, and ACReSAL. These loans were originally based on exchange rates ranging from N415 to N480 per dollar. However, the Naira’s current value has plummeted to over N1,600 per dollar, effectively tripling the local currency value of these debts.
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The Kaduna State government expressed disappointment with the media outlet for not seeking clarification before publishing the report. It accused the platform of spreading misinformation and described its actions as “Digital Terrorism,” claiming that the report serves external interests while attempting to distract from ongoing investigations into financial mismanagement under the previous administration.
Furthermore, the government affirmed its commitment to transparency and financial discipline, focusing on improving the state’s economy without incurring new financial burdens. It also vowed to hold accountable those responsible for mismanaging the state’s resources, ensuring that Kaduna is repositioned for the benefit of its citizens.
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