Kaduna groans as monthly debt repayment rises to N7bn

From Sola Ojo, Abuja
Kaduna State Government has said it is spending not less than N7 billion monthly to service its debt, ruling out additional borrowing for now.
Commissioner for Finance, Ibrahim Tanko Muhammed, disclosed this yesterday while responding to questions on Kaduna’s debt profile and the government’s plans to finance development.
Tanko said the state had reached a critical level in its borrowing, warning that contracting new loans would put further pressure on its finances.
“As of now, we can say we are filled to the brim in terms of level of borrowing. In Nigeria today, Kaduna State is about the second most indebted state,” he said.
According to him, the huge mon...