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‘The claims are fabricated’ — Kaduna denies taking $17.9m loan

‘The claims are fabricated’ — Kaduna denies taking $17.9m loan
April 03
22:21 2024

The Kaduna government has denied claims that the state has received a new loan worth $17.9 million.

Shizzer Bada, the commissioner for finance,  said in a statement on Wednesday that the claims circulating on social media are “totally false”.

“We did not borrow the said amount or any other reported. The claims are entirely fabricated,” the statement reads.

“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.

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“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.”

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Bada said the reports were created to undermine the credibility of the Uba Sani-led administration and called on the public to disregard the “falsehood”.

Citing the Fiscal Responsibility Act, the commissioner stressed that the state would not be able to make such a move without approval from the federal government.

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