Senator Shehu Sani Facebook
The Nigerian Senate on Thursday, March 29, 2018, rejected Governor Nasir El-Rufai's $350 million loan request for Kaduna State.
.The Chairman of the Committee, Senator Shehu Sani said the $232 million was accrued from loans obtained by the state from 1960.
Senator Sani, while presenting the report, said, "the committee recommends that the Senate do reject the request of USD350 million for Kaduna state as contained in the 2015 2018 External Borrowing (Rolling) Plan of Mr. President, Commander-in-Chief of the Armed Forces".
According to him, the World Bank loan it requested for is necessary to carry out major capital projects in the state across all sectors, particularly the education sector, over which the governor declared a state of emergency.
"Having checked our laws, our accounts and our performance, the World Bank was convinced that Kaduna State merits their support". The Development Policy Operation, DPO (Budget Support) of Dollars 350 million for Kaduna State was approved by World Bank in 2016 and captured in 2016 - 2018 borrowing plan.
"Our delegates were commended for the quality of their presentations".
He said: "Our delegates were commended for their presentation, but it is wonderful that some of the legislators now claim that they are not aware of the justification for the loan".
"In fact, the House of Representatives endorsed the loan".
"The excuse given on the floor of the Senate as to the size of the loan is baseless".
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The commissioner said that the creditor and the rating agency had adjudged the state as capable of sustaining the loan which has a 10-year moratorium and a 40-year repayment period.
He further affirmed that "with the high total debt stock of Kaduna state at the moment, the new borrowing sought, will make the debt service to revenue ratio high, thereby worsening the state government's ability to meet its other basic obligations to the people and further erode the economic viability of the state".
"If the State is to repay all loans today, the total debt service would be N757.735mn representing 23% of total deductions as a percentage of total allocations".
"What the Senate displayed was elevating the ego of some of its members above the demands of public policy".
Similarly, the three senators from the state, including the committee chairman; Senator Suleiman Hunkuyi (APC Kaduna North) and Senator Danjuma Lah (PDP Kaduna South) also kicked against approval of the loan.
Ike Ekweremadu, deputy senate president in supporting the loan rejection said: "A loan application for infrastructural development is not bad in itself but the failure to consult with representatives of the people before application was clearly undemocratic". So World Bank processes are not like any other institutions. "In this case, no Senator or House Reps member has more than one vote".
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"I realized that the money received in Kaduna state is much and there is nothing happening in Kaduna state lately".
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