Kaduna Govt to spend N6.2bn on loan repayment in 2022

The Kaduna State Government has earmarked N6.2 billion for the payment of foreign and domestic loans in 2022.

A total of N5.0 billion will be spent on foreign loans and interest repayment, while N1.2 billion was earmarked for domestic loans repayments.

This is contained in the 2022 approved budget of N278.6 billion signed by Gov. Nasir El-Rufai with a capital expenditure of N184.5 billion.

The budget obtained by the News Agency of Nigeria (NAN) in Kaduna on Monday, showed that a total of N33.9 billion was allocated to the state Ministry of Finance, representing 12.2 per cent of the total budget.

Of the amount, N21.8 billion was allocated for recurrent expenditure and N12.1 billion for capital expenditure.

A breakdown of the recurrent expenditure showed that, N6.2 billion would be spent on pension and gratuity, at N3.1 billion each and N500 million on performance bonus.

It further showed that N2.1 billion was set aside as the government’s eight percent contribution to staff pension scheme and another N1.4 billion as the government’s five percent contribution to staff pension scheme.

A total of N250.8 million was also set aside for welfare packages and N45.3 million for settlement of outstanding recurrent liabilities.

Under the capital expenditure, N1.1 billion was set aside for payments of liabilities, N5.1 billion for procurement of vehicles and N875.3 million for procurement of computers and photocopies.

Also, N23.2 million would be spent on the procurement of office equipment for ministries, departments, and agencies and five billion naira as Local Government’s share of Internally Generated Revenue. (NAN)