The Executive Governor of Kaduna State, Uba Sani, has said his administration inherited a huge debt burden of $587 million, N85 billion, and 115 contractual liabilities from his predecessor, Mallam Nasir El-Rufai.
Governor Sani lamented 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.
Governor Sani, who disclosed this in Kaduna on Saturday while addressing a town hall meeting, said the huge debt burden was eating deep into the state’s federal allocation.
He explained that N7bn out of the N10bn federal allocation for the state in March was deducted to service the state’s debt.
The governor further lamented that the state was left with N3bn, an amount he said was not enough to pay salaries, as the state’s monthly salary bill stands at N5.2 billion.
Governor Sani said despite the debt inherited, his administration had not borrowed “a single kobo” in the last nine months of his government.
“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.
