Yobe records domestic debt surge in 12 months

The Yobe State Government has reportedly incurred a debt of 96 billion naira in a span of 12 months.

Muhammad Rabiu Ibrahim, the Head of the Debt Management Unit, Yobe State Ministry of Finance revealed this during a sub-national stakeholders’ engagement session in Damaturu.

Ibrahim, however, noted that the state has cleared off N39 billion  out of the N96 billion borrowed from financial institutions.

He said that the debt cleared is aimed at improving Yobe state’s economy and restoring investors’ confidence.

“Whenever the government intends to borrow internally or otherwise from individuals or institutions. It has to be through the State’s Public Debt Management Unit for scrutiny,” he said.

Ibrahim also noted that the state government is taking steps to reduce Yobe’s debts. He also revealed hat the state will be holding off from fresh loans.