Kaduna State Government has dismissed allegations that it borrowed N36 billion in the past six months.
Describing the claim as false and misleading, the State government clarified that it is currently repaying nearly three times the size of loans inherited from the previous administration, primarily due to the devaluation of the Naira.
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This was contained in a Saturday statement by Mukhtar Ahmed, the Commissioner of Planning and Budget, who explained that exchange rate fluctuations have significantly impacted the ongoing repayment of inherited loans.
Ahmed noted that the debt burden inherited by Governor Uba Sani’s administration comprises long-term loans secured during the tenure of the previous government.
READ ALSO: We Pay N4.7bn Inherited Debt Monthly – Kaduna Gov, Sani
He highlighted programs like AGILE, SURWASH, and ACRSAL, which were initiated under the former administration, adding that no new loans have been taken since Uba Sani assumed office.
“Loans that were negotiated at exchange rates of ₦415-₦480 to the dollar are now being repaid at over ₦1,600 to the dollar,” he said, explaining that this has drastically increased the value of the debts in local currency.
The Kaduna state government also expressed disappointment with Sahara Reporters for publishing the story without seeking clarification.
It accused the platform of engaging in “digital terrorism,” and accused it of trying to divert attention from ongoing investigations into financial mismanagement under the former administration.
