Gombe Debt Profile Hits N120b

The current debt profile of Gombe State is N120 billion.

This was disclosed by the state Commissioner for Finance and Economic Development, Muhammad Magaji.

Magaji disclosed this on Friday when giving the breakdown ofthe N176.01 billion 2023 budget signed into law by the State Governor Inuwa Yahaya on Friday.

The government has cautioned against peddling fake news on the debt profile of the state for political reasons.

He said the state government had inherited over N124 billion debt from the previous administration, and warned people from politicising the debt profile of the state.

According to the Commissioner, the debt profile of Gombe was available on the website of the Debt Management Office (DMO), but accused some persons in the name of politics of spreading fake figures.

He said efforts were on to cut down the debt and making the state financially viable.

According to him, the state’s debt profile currently is N120billion and “this is verifiable and accessible to everyone who visits the DMO.”

“I know that there had been political issues saying Gombe State is owing N432 billion, so the figure (N120 billion) is not up to one third of the figure being peddled around.

“The debt profile of Gombe State is just at about N120 billion; it is verifiable.

“It tells you that we have not borrowed too much, not even outside the approval that is the debt ceiling that you will not borrow outside.”

Magaji said the question on Gombe debt profile had become a recurring one, “principally, probably for political reasons”.

The commissioner stated that the current administration had been servicing the huge debt it inherited and “in 2023 budget, N18.21 billion, representing 10.35 per cent of the total budget, will be used to service debt”.