- Shehu Sani voices concern over Kaduna State’s debt burden, recalling backlash for opposing $350 million World Bank loan
- Governor Uba Sani alerts on Kaduna’s heavy indebtedness; Shehu Sani reveals inherited debts, warns of consequences, and critiques loan terms
Former Senator Shehu Sani, who represented Kaduna Central in the 8th assembly, has expressed concern over the debt burden facing Kaduna State.
In an interview with Aminiya, Media Trust’s Hausa publication, Sani recounted facing backlash for opposing the $350 million World Bank loan request by then-governor Nasir El-Rufai.
Current Governor Uba Sani recently alerted that the state was heavily indebted and struggling to meet salary obligations.
Sani revealed that his administration inherited debts amounting to $587 million, N85 billion, and 115 billion in Contractual Liabilities from the previous government.
Reflecting on the situation, Sani remarked, “The hour of reckoning has come for every citizen of the state.”
He emphasized that had his advice been heeded, the state would not have found itself in its current predicament.
Sani stated, “I was criticized for rejecting that loan. The hour of reckoning has arrived for every person in Kaduna state. Just as prophets of old warned people to no avail, I warned the people of this state, but they were misled into believing that the money would bring prosperity.”
He further commented, “If you examine my past predictions about this state, you will find that each one has come to pass. Today, the state is in dire straits due to that loan we couldn’t repay.”
Sani highlighted the unfavourable terms of the loan, stating, “We borrowed $350 million when the naira was valued at N400 to the dollar, and now we must repay it with the current exchange rate.”
In 2018, Sani and Senators Suleiman Hunkuyi and Danjuma Laah rejected El-Rufai’s attempt to secure a $350 million World Bank loan. Subsequently, Sani and Hunkuyi lost their reelection bids, paving the way for Uba Sani and Suleiman Kwari to advocate for loan approval.