Kaduna State Governor, Uba Sani, on Saturday, said his administration inherited a huge debt burden of $587 million, N85 billion, and 115 contractual liabilities from former Governor of the State, Nasir El-Rufai.
Governor Sani, who disclosed this in Kaduna while addressing a town hall meeting, said the huge debt burden was eating deep into the state’s federal allocation, adding that, due to the rise in the exchange rate, the state is now paying back almost triple of what was borrowed by the previous administration.
He explained that N7 billion out of the N10 billion federal allocation for the State in March was deducted to service the state’s debt.
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While lamenting the State was left with N3 billion, he said it was not enough to pay salaries, as the state’s monthly salary bill stands at N5.2 billion.
“Despite the huge debt burden of $587 million, N85 billion, 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 gladdens my heart to inform you that despite the huge inherited debt on the state, till date, we have not borrowed a single kobo,” he said.
