Don’t Lend Money To States Without Verifying Their Debt Status – Shehu Sani Warns Banks

Senator representing Kaduna Central senatorial District in the National Assembly, Comrade Senator Shehu Sani has cautioned commercial banks and lending houses in Nigeria not to lend money to states without verifying their actual debt status from the Debt Management Office (DMO) and without a documented borrowing approval from their House of Assemblies.

Shehu Sani who is the Chairman of the senate Committee on debts gave the advice on his twitter handle @ShehuSani on Thursday. He said:

“As chair of the Senate Committee on Debts, I wish to caution commercial Banks & Lending Houses against lending money to states without verifying their actual debt status from the DMO & without a documented borrowing approval from their House of Assemblies.

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Recall that We had reported that the Chairman, Senate Committee on Foreign and Local Departments, Senator Shehu Sani, on Sunday 5th March in Kaduna informed that 80 percent of loans collected by state governments in Nigeria were shared among governors, loyal politicians and other cronies.

According to it, the Comrade Senator disclosed this while reacting to multiple complaints against late distribution of fertilizer by Amalgamated Farmers Forum.

Sani revealed that Nigeria’s debt profile had, therefore, risen to as high as 60 percent from 10.4 as a result of this development, adding that what would have been given to farmers to improve yields were misused.

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