El-Rufai acknowledges leaving successor with debts amounting to N64.54 billion

El-Rufai acknowledges leaving successor with debts amounting to N64.54 billion

In his farewell speech at the swearing-in ceremony of the new governor in Kaduna State, former governor Nasir El-Rufai acknowledged the financial obligations that were inherited by his successor, Senator Uba Sani.

He candidly admitted that his administration left behind a substantial amount of debt, including $577.32 million in foreign debt, N64.54 billion in domestic debt, and additional contingent liabilities of N16.06 billion.

El-Rufai highlighted that his administration allocated N818.9 billion for capital expenditure between 2015 and 2022, which was utilized to implement the first and second State Development Plans. These plans succeeded in attracting approximately US$5 billion in both foreign and domestic investments.

Despite facing challenging fiscal circumstances, such as two recessions, plummeting crude oil prices, the COVID-19 pandemic, and the impacts of the Russia-Ukraine war, El-Rufai emphasized that his administration was committed to steering the state towards progress.

To overcome these obstacles and achieve their goal of revitalizing Kaduna, extensive borrowing was necessary, he maintained
In terms of the state’s financial standing, El-Rufai informed the audience that a net cash balance of approximately N5 billion would remain in the Treasury Single Account.

This amount took into account deductions for the payment of salaries, pensions, and dues to the local government councils in the state.
Throughout his speech, El-Rufai expressed the arduous circumstances under which his administration operated, underscoring their determination to surmount challenges and propel Kaduna towards greatness.

Leave a Reply

Your email address will not be published.