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$350m loan: Kaduna accuses senators of putting their frustrations above public interest

$350m loan: Kaduna accuses senators of  putting their frustrations above public interest
March 30
20:41 2018
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Following the senate’s rejection of a request for a $350 million loan, the Kaduna state government has accused the three senators from the state of working against the people of the state.

The senators are Shehu Sani (Kaduna central), Suleiman Hunkuyi (Kaduna north) and Danjuma Laah (southern Kaduna).

Speaking at a news conference on Friday, Suleiman Abdu Kwari, commissioner for finance, alleged that the senate elevated the ego of some of its members above the demands of public policy.

The senate had rejected the loan request, saying Kaduna state was highly indebted to the tune of $232 million.

But Kwari described the senate’s position as baseless and disappointing.

“What the senate displayed was elevating the ego of some of its members above the demands of public policy,” he said.

“As the three senators from Kaduna state spoke, it was apparent that they have put their personal frustrations above the right of the people of Kaduna state to decent investment in human capital development through good schools and hospitals, and better quality of life and accelerated economic growth through the provision of infrastructure.”

The commissioner said all indices point to the fact that the state government would be in a good financial standing to finance its loans without any problem.

Kwaru said the creditor and ratings agency had ratingd that Kaduna state could manage the credit which has a 10-year moratorium and a 40-year repayment period.

“Nobody in those committees of the national assembly can honestly claim not to be aware of the justification and the purpose of the loan,” he said.

“In fact, the house of representatives endorsed the loan. When our officials appeared before the senate, no questions were asked.”

WATCH VIDEO OF THE CONFERENCE:

 

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Exchange Rates

NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
November 16, 2018USDGBPEUR
INTERBANK306397354
LAGOS359475418
KANO359476420
PH360476420
ABUJA359478419
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