The Kano State chapter of the Peoples Democratic Party (PDP) and Kwankwasiya Movement have kicked against Kano State government’s plan to get loan facility of €684,100,100.00 from the China Development Bank for the financing of light rail project in the state.
Speaking with journalists yesterday in Abuja, the deputy governorship candidate of PDP in Kano State and spokesperson of Kwankwasiya, Comrade Aminu Abdulsalam said that the total adjusted loan facility is equivalent to N299,533,228,785.00 at the Central Bank of Nigeria official exchange rate and N339,313,649,600.00 at the current parallel market exchange rate of nN469.00 to one Dollar, adding that 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.
“It is further disheartening and disappointing to note that with the current exchange rate regime, the rising poverty level and the devastating impact of Covid-19 Pandemic, Kano State government has concluded plans to mortgage the future of the present and incoming generations, by committing them into a perpetual debt at the expense of their Education, Health and other social safety net investment.”
