Kano, Kaduna Borrow N134billion In Three Years As Governor Yusuf Plans To Take Another N25billion Loan.

Review also showed that the two states are planning to borrow more money running into billions in 2024.

 
A budget performance review by SaharaReporters has shown that Kano and Kaduna states borrowed the sum of N134billion between 2021 and 2023.

Review also showed that the two states are planning to borrow more money running into billions in 2024.

In 2021, Kano State borrowed N23.4 billion. In 2022, the state borrowed N8.4 billion while loans for 2023 stood at N9.4 billion. 

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Already, the state under Governor Kabir Yusuf plans to borrow another N25billion in 2024, pushing the money borrowed in Three years and three months (39 months), to N66.2billion. 

In Kaduna State, the loan figure for 2021 stood at N63.4billion while as of 2022, the state borrowed N3billion.

In 2023, the loan portfolio of the state was N26.6billion. This would mean that a total of N93billion was borrowed in the thirty-six months under review by Kaduna. 

In 2023, Kano spent N9.5billion on debt servicing. In 2022, N12.7 billion went to debt servicing, while in 2021 debt servicing gulped N3.7 billion.

This would mean in the space of this three year period, Kano state spent N25.9 billion on debt servicing. 

In the same period of time, the state borrowed N41.2billion. 

This would mean that for every N10 naira that Kano State borrowed in 2021-2023, it used N6.2 to service debts.

Nigerian states have been stated to be over-reliant on loans, a development that critical stakeholders have said to be worrisome , given the impact on development and on available funds.