Presently, according to the Debt Management Office, Kaduna state 2020 external debt stock (foreign loan) stood at $567,484,870.18 (Five hundred and sixty seven million, four hundred and eighty four thousand, eight hundred and seventy dollars); while our domestic debt stock is N68,754,361,083.75. As of 2015, our total external debt stock was $226,368,167.93 (two hundred and twenty six million, three hundred and sixty eight thousand, one hundred and sixty seven dollars).
Do you know that our debt stock in Kaduna state keeps rising (in less than six years we have more than doubled our debt stock)? Do you know you have a critical role to play in ensuring that these funds are properly utilized? Do you know that whether these monies are properly utilized or not you will be the one to pay for it? Do you know that most of the loans have moratorium period, which means when it is time to pay the government that borrowed it would have left office?
Loans are necessary evil that no developing society today can do without. However, it is how these borrowed monies are utilized that matters. We have to track and monitor the quality of work being done to ensure value for money. Equally important, is what these monies are invested in. Will it directly improve the living standard of the people? How transparent and objective is the procurement process? Will it create the enabling environment for us to pay back these loans? What percentage is going into human capital development compared with infrastructure development? Is there equity in the utilization?
Lets wake up, engage, ask the right questions and demand for accountability.
Remember: The quality of Governance we get is determined by the quality of our participation.