The Kaduna State Government, through its Ministry of Finance, has denied obtaining a new $17.69 million loan.
Shizzer Bada, the state commissioner for finance, announced this in a press statement on Thursday.
According to her:
“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.
“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.”
cc: Daily Post Ng
