Kaduna State Governor, Uba Sani, has said his administration inherited a huge debt burden of $587 million, N85 billion, and 115 contractual liabilities from the previous administration of 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 as reported by Daily Trust.
He explained that N7bn out of the N10bn federal allocation for the state in March was deducted to service the state’s debt.
“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.