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Thursday, September 28, 2023

El-rufai Leaves N80.60bn, $577.32m Foreign Debts Behind

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By Abdulwaheed Olayinka Adubi, Kaduna.

The out-gone Governor of Kaduna state, Nasir El-rufai has left behind a total of N80.60bn internal debts with the subheadings domestic debts and other contingent liabilities, as well as foreign debts of $577.32m for the new Governor of Kaduna state, Mallam Uba Sani.

El-rufai made this known while reading his farewell speech on Monday at the Murtal Square, where he also disclosed that a cash balance of N5b was left in Treasury Single Account (TSA) and 2.05m dollars in Domiciliary account.

The immediate past Governor explained that: “as at the last financial year, Kaduna State has the following liabilities; Domestic debt of N64.54bn, Other Contingent Liabilities of N16.06bn and Foreign debts of US $577.32m.

“We have spent N818.9bn as capital expenditure between 2015 and 2022 in the prosecution of our first and second State Development Plans, attracting nearly US $5bn in foreign and domestic investments that created jobs, improved our tax receipts and laid a solid foundation for the future.

“We are leaving behind a net cash balance in our Treasury Single Account of about N5bn after deductions for the payment of salaries, pensions and dues to the Local Government Councils, and US $2.05m in our Domiciliary Account as of yesterday 28th May 2023.

“Kaduna State has receivables for reimbursements of infrastructure and security spending from the Federal Government amounting to about N41bn, that will be paid to the state in due course. This does not include the sums due to the State as share of the accumulated stamp duties receipts, estimated at over N100bn, that the incoming government will certainly receive before the end of this year. I am therefore optimistic that the incoming government will in due course be in a position to settle all inherited liabilities, complete ongoing projects and initiate new ones by the Grace of God.

“We governed under very difficult fiscal circumstances, surviving two recessions, collapses of crude oil prices, the Covid-19 pandemic and the impact of the Russia-Ukraine war. We therefore had to borrow extensively to spend our way out of recession and pursue our ambition to make Kaduna great again.

“I pay tribute to the extraordinary work of our team in the Kaduna State Government. The Deputy Governor, the members of the State House of Assembly, our honourable Judges, Kadis, and magistrates, our commissioners, Permanent Secretaries, Local Government chairmen, special advisers, assistants and other government officials have displayed imagination and demonstrated commitment to help the Kaduna State Government to achieve set objectives, and I applaud them for living up to their oaths of office.

“Our traditional rulers and religious leaders have been exceptional partners in mobilising the populace to understand our policies and support our efforts. Our partners in civil society have been critical in enabling the government to appreciate the concerns of citizens without a voice.

“Yesterday, I completed the administrative handover to my worthy successor, Distinguished Senator Uba Sani, and his able Deputy, Dr. Hadiza Sabuwa Balarabe. I call on the people of Kaduna State to support him and his team as he leads the next government. With your votes, you have vested in him the future direction of the state. Let us all pray for him to succeed in the service of the state and its people beyond our hopes and imagination.

“Several members of our governing team broke down in tears at the valedictory session of the Executive Council, overwhelmed by the reality of saying goodbye. But goodbyes are not necessarily bad. In fact, goodbyes are part of the order of nature.

“Everything that has a beginning must have an end. One era ends and another begins. New leaders take charge and life continues. That is the cycle of life. Our duty is to keep hope alive and do our best, and leave the rest to Almighty God”.

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