Ganduje dragged to court by Kwankwasiyya over N300 billion Chinese loan

Ganduje dragged to court by Kwankwasiyya over N300 billion Chinese loan

- Kwankwasiyya Movement has dragged Kano state government under the leadership of Governor Abdullahi Ganduje to court

- The organization said they are suing the government over plans to take a N300 billion loan from China Development Bank

- The movement who cited procedural violation alleged the money will end in the bottomless black hole of the governor’s garment

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Amid Nigeria's economic challenges, the Kwankwasiyya Movement Kano chapter has dragged the state government to court over its plan to secure €684,100,100.00 (N300 billion) loan.

The Kano state government is planning to loan the funds from the China Development Bank to finance a light rail project.

According to Daily Nigeria, Aminu Abdussalam, the spokesperson for Kwankwasiyya, noted that they wrote a petition to the Senate president, the federal ministry of finance, debt management office, the Chinese Embassy and the bank.

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Abdussalam, the deputy gubernatorial candidate of the PDP in the 2019 election, said the proposed loan is equivalent to about 15 years of the total internally generated revenue of Kano state and more than 2 years of its budgetary allocation.

Ganduje dragged to court over N300 billion Chinese loan

Governor Ganduje has been dragged to court over a N300 billion Chinese loan.
Source: UGC

He argued that the state government has concluded plans to mortgage the future of the present and incoming generations, by committing them into perpetual debt.

Abdussalam while citing procedural violations added that the period to repay the proposed loan could take up to 50 years or more.

The organization's spokesman called on all to oppose the move as the money will allegedly end up in “the bottomless blackhole of the governor’s babbanriga”.

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Earlier, Legit.ng reported that the House of Representatives has demanded a review or outright cancellation of the latest China loans to Nigeria on the principle of ‘force majeur’ in the light of the COVID-19 pandemic which started in China.

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The lawmakers added that the National Assembly had been put in the dark on how most of the Chinese loans were taken and utilised.

The green chambers, therefore, mandated some committees to look into all extant China-Nigeria loan agreements since 2000 with a view to ascertaining their viability, as well as regularising and renegotiating them.

The decision of the House followed the adoption of a motion on the need to review and renegotiate existing China-Nigeria loan agreements, which was moved by Honourable Ben Igbakpa at the plenary on Tuesday, May 12.

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Source: Legit.ng

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