May 19, 2024
We Have Not Initiated Any New Borrowing, Says Kaduna State Government on $17.9m Foreign Loan Claims
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We Have Not Initiated Any New Borrowing, Says Kaduna State Government on $17.9m Foreign Loan Claims

The Kaduna State Government has refuted what it calls unfounded allegations, circulating that new loans worth $17.9Million have been received by the administration.

In a press statement, Mrs. Shizzer Nasara Bada, the Kaduna State Commissioner of Finance, called on the public to disregard the claims, calling them a creation of some mischievous people to undermine the credibility of the Governor Uba Sani-led administration.

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She also said borrowing by sub-national entities in Nigeria are strictly governed by a framework comprising the Constitution of the Federal Republic of Nigeria, the Debt Management Office Establishment Act 2003, the Fiscal Responsibility Act 2007, the Investments and Securities Act 2007, and the Fiscal Sustainability Plan: Fiscal Framework for Sub-National Governments in Nigeria.

She added that the Debt Management Office Establishment Act, 2003, explicitly mandates that no external loan can be approved or obtained without prior presentation of its terms and conditions to the National Assembly for approval.

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