The Government of Kaduna State has denied claims of securing a $17.9 million loans, saying the story was false and fabricated.
The Commissioner of Finance Shizzer Nasara Bada clarifies that the state has not borrowed any reported sum, citing legal provisions
She vehemently denied the allegations, urging the public to disregard them as the handiwork of malicious individuals intent on undermining 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,” stated Bada.
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.
Bada elucidated that according to legal provisions outlined in pertinent statutes, external borrowing by government entities requires stringent procedures.
“The Debt Management Office (Establishment, Etc.) Act, 2003, mandates prior approval by the National Assembly for any external loan. Additionally, a guarantee from the Minister is indispensable,” explained Bada.
Furthermore, the Fiscal Responsibility Act, 2007, mandates a Federal Government guarantee for foreign currency borrowing, ensuring prudent financial management.
“With these legal safeguards in place, the allegations of borrowing $17.69 million by the Kaduna State Government hold no merit. Governor Uba Sani’s administration has not pursued any new borrowing endeavors,” affirmed Bada.
Bada urged the public to dismiss the erroneous reports and cautioned against succumbing to misinformation, reaffirming the administration’s commitment to transparency and fiscal responsibility
