The Kwankwasiyya Movement has petitioned the Chinese Embassy, Chinese Development Bank, the Senate, the Minister of Finance, Zainab Ahmed, and the Director General of the Debt Management Office , against the decision of the Kano State Government to borrow €684 million to finance light rail project in the state.
He stressed that the proposed borrowing was also equivalent to about 15 years of the total internally generated revenue of the state and more than two years of its budgetary allocation. “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 N469.00 to one dollar.”
The group therefore expressed disappointment that the All Progressives Congress caucus of the state House of Assembly that was supposed to provide the necessary checks and balances and ensure that the interest of their constituents are promoted and protected has, without any regard to legislative procedures, given a blanket approval to the state governor to take the loan and enslave the innocent people of the state.