• Home
  • News
  • Politics
  • Business
  • Entertainment
  • Education
  • Health
  • Opinion
  • Sports
  • About
  • Advertise
  • Privacy Policy
Sunday, July 13, 2025
  • Login
No Result
View All Result
NEWSLETTER
Elanza News
  • Home
  • News
  • Politics
  • Business
  • Entertainment
  • Education
  • Health
  • Opinion
  • Sports
  • About
  • Advertise
  • Privacy Policy
  • Home
  • News
  • Politics
  • Business
  • Entertainment
  • Education
  • Health
  • Opinion
  • Sports
  • About
  • Advertise
  • Privacy Policy
No Result
View All Result
Elanza News
Home Business

Kaduna Government Denies Borrowing Fresh $17.69m Loan

Ojimaojo Abubakar by Ojimaojo Abubakar
April 4, 2024
in Business
0
Kaduna Government Denies Borrowing Fresh $17.69m Loan
0
SHARES
2
VIEWS
FacebookTwitterWhatsappEmailTelegram

By Israel Bulus, Kaduna

The Kaduna State Government, through the Ministry of Finance, has denied borrowing of fresh N17.69 million loan purported in a media report.

The Finance Commissioner, Shizzer Nasara Bada debunked this in a statement signed on Thursday and issued to newsmen in Kaduna.

RelatedPosts

NNPCL Aims for Stock Exchange Listing by 2028

Naira Down to N1,565/$ in Parallel Market

NNPC Reduces Petrol Price to N910 per Litre in Abuja

She explained that no borrowing of &17.69 million was undertaken.

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

” 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, adding 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.

According to her 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.

ALSO READ:  CBN tightens monetary policy further, increases interest rate from 27.25% to 27.50%

Additionally, any external loan must be accompanied by a guarantee issued by the Minister.

” Similarly, the Fiscal Responsibility Act, of 2007, unequivocally stipulates that in the case of foreign currency borrowing, a Federal Government guarantee is mandatory, and no state, local government, or federal agency can independently engage in external borrowing.

They noted that the requirements have not been met by the government and therefore cannot be said to have borrowed any funds.

” In light of these legal provisions, it is evident that the allegations of borrowing $17.69 million by the Kaduna State Government are baseless and misleading. Governor Uba’s administration has not initiated any new borrowing endeavors, and as of the present date, no such funds have been borrowed.

The government urged the public to disregard the erroneous report and refrain from succumbing to misinformation, noting that this clarification aims to ensure transparency and dispel the confusion surrounding debt-related matters in Kaduna State.

Tags: BorrowingKaduna
Ojimaojo Abubakar

Ojimaojo Abubakar

Abubakar Ojimaojo is a graduate of Mass Communication, political and football analyst currently work at elanzanews.ng as Editor. He pride himself as skilled wordsmith with a passion for delving into contemporary political issues on both national and international scale.

Related Posts

NNPC Ltd Refutes Viral Claims of Contaminated Fuel Sold in Bottles and Jerrycans

NNPCL Aims for Stock Exchange Listing by 2028

by Nathaniel Irobi
July 12, 2025
0

Bayo Ojulari, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), has announced plans for the...

Naira’s Appreciation Deepens, Gaining N12.34 Against Dollar

Naira Down to N1,565/$ in Parallel Market

by Nathaniel Irobi
July 8, 2025
0

The naira yesterday depreciated to N1,565 per dollar in the parallel market from N1,560 per dollar last weekend. Similarly, the...

NNPC Ltd Refutes Viral Claims of Contaminated Fuel Sold in Bottles and Jerrycans

NNPC Reduces Petrol Price to N910 per Litre in Abuja

by Nathaniel Irobi
July 7, 2025
0

The Nigerian National Petroleum Company (NNPC) Limited has announced a reduction in petrol prices in Abuja. According to The Cable's...

Recommended

NNPC Ltd Refutes Viral Claims of Contaminated Fuel Sold in Bottles and Jerrycans

NNPCL Aims for Stock Exchange Listing by 2028

19 hours ago
PDP has not conducted South South zonal congress – NWC

PDP in Yobe Passes Vote of Confidence in Damagum

13 hours ago

Popular News

  • CDS’s Wife, Shehu Sani, Katung, Other’s To Storm Pastor Mutum’s Ordination, Book Launch

    CDS’s Wife, Shehu Sani, Katung, Other’s To Storm Pastor Mutum’s Ordination, Book Launch

    0 shares
    Share 0 Tweet 0
  • Bwari Council Chairmanship Aspirant, Dara, Dumps Labour Party Over Suspected Foul Play In Primaries

    0 shares
    Share 0 Tweet 0
  • Innoson, Ibeto, Apostle Alozie To Honour Archbishop Emma David At Golden Jubilee Celebration

    0 shares
    Share 0 Tweet 0
  • Bannon Tried to Use Iran Strike to Split the GOP Says Former Counselor to Jared Kushner, Eliyahu Okkon, Esq.

    0 shares
    Share 0 Tweet 0
  • Tinubu Orders Audit to Reform Civil Service

    0 shares
    Share 0 Tweet 0

Connect with us

Facebook Instagram Twitter Youtube
Elanza logo

Elanza News is your NO 1 online platform for all news update.
#SayNoToFakeNews
Contact Us

Category

  • Arts & Literature (25)
  • Business (738)
  • Education (217)
  • Entertainment (310)
  • Health (193)
  • National (2,168)
  • News (8,150)
  • Opinion (298)
  • Politics (1,623)
  • Science (15)
  • Security (405)
  • Sports (436)

Newsletter

© 2023 Elanza News - The No 1 online news platform

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • Politics
  • Business
  • Science
  • National
  • Entertainment
  • Sports
  • Health

© 2023 Elanza News - The No 1 online news platform