According to the Yobe State Government, it has paid back N39 billion of the N96 billion it borrowed from the nation’s banking institutions in just one year.
Muhammad Rabiu Ibrahim, the head of the Yobe State Ministry of Finance’s Debt Management Unit, made this announcement during a statewide town hall meeting and a sub-national stakeholders’ engagement session in Damaturu, which were hosted by the Presidential Enabling Business Environment Council, or PEBEC.
Ibrahim clarified that the state had cleared N39 billion of the N96 billion stated between the first quarter of 2024 and the first quarter of 2025.
According to him, the move was aimed at boosting the state’s economy and restoring investors’ confidence and commitment to fiscal responsibility.
He said the state government has shown its commitment to reduce Yobe’s debt burden while taking a hold on fresh loans.
The State’s Public Debt Management Unit must be consulted whenever the government plans to borrow money, whether internally or from other people or organizations, he continued.
The town hall interaction is intended to evaluate the state’s success on business-enabling reforms and improve alignment with national economic goals, according to Zahrah Mustapha Audu, Director General of the Presidential Enabling Business Environment Council (PEBEC).
About The Author
