The Kaduna State Government has officially refuted rumours alleging that it has taken a loan of $17.9 million. Shizzer Nasara Bada, the Commissioner of Finance, clarified the state’s financial position, stating, “The claims of our administration securing such a loan are not only false but also maliciously fabricated.”
At a press briefing on Wednesday, Bada urged the public to ignore the allegations, which she attributed to individuals attempting to discredit Governor Uba Sani’s administration.
““We categorically did not borrow the reported amount or any other sum. These claims are entirely fabricated. It’s essential to understand that borrowing by sub-national entities in Nigeria is governed by a robust framework.
“Under Governor Uba Sani’s leadership, the Kaduna State Government emphasizes that no agreement has been entered into nor any foreign loan received, contrary to the circulating misinformation,” she confirmed.
Detailing the legal requirements for borrowing, Bada pointed out that the Debt Management Office (Establishment, Etc.) Act of 2003 necessitates the National Assembly’s prior approval for any external loan. Moreover, securing a guarantee from the Federal Minister is a critical prerequisite.
“The Fiscal Responsibility Act of 2007 further enforces a Federal Government guarantee for foreign currency borrowing, which is a testament to our prudent financial management,” Bada elaborated.
With these legal protections firmly in place, Bada dismissed the allegations of borrowing $17.69 million as meritless. “The current administration, led by Governor Uba Sani, has not embarked on any new borrowing initiatives,” she noted.
Bada called on the public to be discerning of erroneous reports and to resist falling prey to such misinformation. She reaffirmed the administration’s unwavering dedication to transparency and fiscal responsibility.
