Governor El-Rufai’s $350m World Bank Loan Request REJECTED By The Nigerian Senate.. Read Why!
Nigerian Senate on Thursday rejected the request of Governor Nasiru El-Rufai to secure a 350 million dollar World Bank loan for Kaduna State. The senators rejected the request on the premise that obtaining the loan may put so much pressure on the management of the state which presently has a debt burden of $232.1 million. The Senate took the stand after accepting the recommendations of its Committee on Local and Foreign Debt and contributions by all the three Senators from the state, who declined support to the loan request. Senator Shehu Sani, who presented the report on Kaduna State Development Policy Operation (DPO) Credit Facility from the World Bank, said although it was approved by the bank in 2016, accepting the loan would compound the financial situation of the state. He said that if approved, the state total debt stock would rise to $582.1 million Sani explained that the world bank facility was captured in the 2016 – 2018 borrowing plan as appr...