New Telegraph

Kaduna Govt Debunks Fresh $17.69m Loan

The Kaduna State Government on Thursday debunked the purported news reports making the rounds that it has taken a new loan of $17.69 million.

The State government debunked the allegation in a statement made available to New Telegraph by the Commissioner for Finance, Shizzer Bada.

Bada said, “We did not borrow the said amount or any other amount as reported. The claims are entirely false and fabricated.

“There must be 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.

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“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.”

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