During the swearing-in ceremony of Senator Uba Sani in Kaduna, former governor Nasir El-Rufai stated that his administration bequeathed a foreign debt of $577.32 million, domestic debt of N64.54 billion, and other contingent liabilities of N16.06 billion.
El-Rufai went on to mention that his administration implemented the first and second State Development Plans, which attracted almost US$5 billion of foreign and domestic investments, and allocate N818.9 billion for capital expenditure between 2015 and 2022.
Despite encountering numerous fiscal challenges such as two recessions, the collapse of crude oil prices, the COVID-19 pandemic, and the impact of the Russia-Ukraine war, the state was able to maintain a net cash balance of roughly N5 billion in the Treasury Single Account after remitting workers’ salaries, pensions, and payments to local government councils.
“We, therefore, had to borrow extensively to spend our way out of the recession and pursue our ambition to make Kaduna great again.”
