Local

Kaduna Govt Refutes Claims Of New Multi-Million Dollar Foreign Loan

 

The Kaduna State Government has refuted allegations circulating on social media platforms and news blogs that new loans worth $17.9 million have been received by the administration, stating that the claims were “totally false and fabricated”.

In a press statement, Shizzer Nasara Bada, the Kaduna State Commissioner of Finance, called on the public to disregard the “blatant falsehood” as a creation of some mischievous people to undermine the credibility of the Governor Uba Sani-led administration.

“We did not borrow the said amount or any other reported. The claims are entirely fabricated. There is a clarity for borrowing and it is crucial to understand that; borrowing activities 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, Etc.) 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.” The commissioner said.

“The Kaduna State Government, under the leadership of Governor Uba Sani, has not entered into any agreement or received any foreign loan amounting to $17.69 million, as claimed. The legal provisions outlined in relevant statutes are clear regarding external borrowing by government entities.

“The Debt Management Office (Establishment, Etc.) 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. Additionally, any external loan must be accompanied by a guarantee issued by the Minister.”

The Kaduna State Commissioner of Finance further revealed that the Fiscal Responsibility Act, 2007, unequivocally stipulates that in the case of foreign currency borrowing, a Federal Government guarantee is mandatory without which no sub-national or federal agency can independently engage in external borrowing.

“In light of these legal provisions, it is evident that the allegations of borrowing $17.69 million by the Kaduna State Government are baseless and misleading.
Governor Uba Sani’s administration has not initiated any new borrowing endeavours, and as of the present date, no such funds have been borrowed. In conclusion, the public is urged to disregard the erroneous report and refrain from succumbing to misinformation.” She added.

Donatus Anichukwueze

Disqus Comments Loading...
Share
Published by
Donatus Anichukwueze

Recent Posts

Court Dismisses Delta Govt’s Suit To Stop EFCC, ICPC From Probing State Spending

Justice Folasade Olubanjo dismissed the suit for lack of merit.

7 hours ago

Joselu Earns Madrid Incredible Bayern Comeback To Reach Champions League Final

Spanish champions Real Madrid face another German side, Borussia Dortmund, in the Wembley final on…

8 hours ago

VIDEO: Why Northern Elite Are Unhappy With Tinubu — Prof Dikwa

The political analyst said even "the southern elite should be annoyed because Nigeria is more…

8 hours ago

Fresh Crisis Rocks Rivers Assembly, Pro-Fubara Lawmakers Elect Oko-Jumbo Speaker

Oko-Jumbo was led to the plenary with the original mace of the Rivers State House…

8 hours ago

Lagos Gets N3.9bn Oil Derivation Fund

Lagos State, which joined the league of oil-producing states in the country in 2016, has…

9 hours ago

APC Didn’t Comply With Its Guidelines In Ondo Gov Primary – Jimoh Ibrahim

Ibrahim, who represents Ondo South in the Senate, demanded that the election be conducted again…

9 hours ago