In a recent video address, the Governor of Niger State, Abubakar Sani Bago, expressed regret over the decision to secure a N1 trillion loan, acknowledging that a more manageable N500 billion would have been a more prudent and sustainable approach.
The Governor's candid statement comes in light of growing concerns over the financial management of the state's development projects and fiscal health. During the video, Bago admitted that while the loan was intended to support critical infrastructure and state-wide development initiatives, the magnitude of the debt now poses significant challenges to the state's financial stability.
"I recognize that the decision to secure N1 trillion was a move made with the best of intentions to accelerate progress. However, looking back, I now realize that securing a more reasonable loan of N500 billion would have been a more strategic choice," said Governor Bago in the video. "The financial strain on the state is becoming evident, and it is my duty to reassess our approach to ensure the long-term welfare of Niger State."
Governor Bago's remarks come amidst mounting concerns from citizens, financial experts, and stakeholders, who have been raising questions about the sustainability of such a large loan. The Governor has promised to work closely with financial experts, legislators, and the people of Niger State to develop a comprehensive plan to address the current debt situation and explore alternative funding models that will not jeopardize the state's future.
In the video, Bago also underscored the importance of transparency, fiscal discipline, and a more balanced approach to state borrowing. He reiterated his commitment to making responsible decisions that will benefit the people of Niger State and ensure that future generations are not burdened by unsustainable debt levels.