Okwe Obi, Abuja
Kwankwasiyya Movement has petitioned the Chinese Development Bank, Senate President, Ahmed Lawan, and Minister of Finance, Zainab Ahmed, to block €684 million loan request by Governor Abdullahi Ganduje of Kano State, an equivalent of about N300 billion, intended to finance light rail project.
The group Spokesperson, Comrade Aminu Abdulsalam, who addressed newsmen yesterday in Abuja, described the request as ill-conceived, noting that the planned borrowing “negates the thoughts and perception of the good people of Kano State especially.”
He also, lambasted the state House of Assembly dominated by members from the All Progressive Congress (APC) for giving a blanket approval without recourse to the plights of the people especially during the COVID-19 era.
He said: “It has come to our notice that, Kano State government, under the leadership of Dr. Abdullahi Umar Ganduje, is once again in the process of renewing its effort of contracting a loan facility to the tune of €684,100,100 from China Development Bank for financing light rail project in the state.
“The total adjusted loan facility is equivalent to N299,533,228,785 at the Central Bank of Nigeria (CBN) official exchange rate and N339,313,649,600 at the current parallel market exchange rate of N469 to one Dollar.
“The proposed borrowing is also equivalent to about 15 years of the total internally generated revenue of the state and more than two years of its budgetary allocation.
“We wish to inform the good people of Kano State that the National Kwankwasiyya Movement, Kano State chapter, has already contacted the Chinese Development Bank, via a petition in respect of the illegality and crass procedural violations by the state government (both the executive and the legislature);
“The attention of the Chinese embassy in Nigeria has been drawn to the risks of the proposed transaction with Ganduje;
“The president of the Senate, the Hon. Minister of Finance and the Director General of the Debt Management Office (DMO) were all written to, protesting against the proposed enslavement of the people of Kano State.”