The newly elected governor of Kano state, Abba Kabir Yusuf, took over from the outgoing governor, Abdullahi Ganduje, who left behind a N241.5 billion debt obligation.

He provided a brief summary of the report, which covered the state government’s activities from 2015 to 2023, and explained how the N241.7 billion debt obligation was accumulated.

According to Ganduje, “The expenditure of the state government from June 2015 to May 2023 indicates a total recurrent commitment of N660.3b and the total capital and expenditure of N540.6b and the total cumulative expenditure stands at N1.2trn. There are other MDA’s that have significant bank balances.

“These include Kano Energy and Hydro Power Energy, which has N740m, Kano Energy and Hydro Hydro Power Energy also has N703m while N4b is expected next Tuesday.

“There is also the Kano State Contributory Healthcare Agency which has N4.3b and then the Kano State Agricultural Company KASCO which has N837.7m.

“The current state debt profile is expressed hereunder, the Kano State Banking Funds Trustees which has accumulated amount of N75.6b for Kano state, it is N9.2b, for local government is N66.3b, that’s what gave a total of N75.6b.

“There are also tax deductions, the Pensions Contract Liability which stands at N4.5b. Then the total debt stock, internal and external which stands at N123.3b.

“So the total liability as of 31st December 2023 stands at N241.5b,” the outgoing governor said.