SAY NO TO ELRUFAI'S $350M WORLD BANK LOAN FACILITY.
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It has come to public notice that the governor of Kaduna State of Nigeria has made a proposal of a $350m World Bank Loan Facility in the name of Kaduna State tagged 'Development Policy Operation' (DPO) which he claimed is budgeted for a developmental term frame of four years to provide for jobs, infrastrutures amongst other economic benefits. Though he has less than two certain years to spend in office, he went further to inform us that the proposed loan facility has a moratorium of 10 years and a repayment period of 50 years at an interest rate of 0.5% contrary to what is obtainable from the World Bank's website as at June, 2017 of a 5 years grace and 25 years maturity.
We want to make it known to the international communities especially the World Bank that the governor has failed in the management of our State's resources including grants from international donors e.g., the recently awarded Bill and Belinda Gate's grant for the construction of drainages within the State metropolis to mitigate Malaria in the State. He has received this grant and have succeeded in wasting this resources with no single completed drainage to show for.
The public is of the opinion that he intends to squander, if not all the loan facility, at least half of it in his remaining two years in office without repaying a dime neither would there be any developmental project to justify the performance of the said loan instead, transfer the burden to a third successor in governance of our beloved Kaduna State. This was convincingly arrived at after a detailed study of the recently refunded Paris/London Clubs excess deductions acrued to the State. Research shows that he single handedly expended these resources without recourse to the public and against the Federal Government's advice of using the said funds to offset salaries back log, arrears and pensions of workers in the State. These reaources and many alike are currently unaccounted for under his watch as the governor and chief executive of the State. This is completely unacceptable!
Come to think of it, this is the same governor that bragged of strengthening the State's revenue generation like no other in the history of the State. Claiming to have generated revenue in figures far above the salary base of the State yet wanting in the payment of staff salaries, arrears and pensions amongst other citizen's entitlements like student's scholarship.
Worrisome is the fact that he further went ahead to inform us that the proposed loan has a repayment period of 50 years which would mean our unborn grand children would have to contain a loan they know nothing about neither would they feel the impact/performance of the said loan. You must agree with us that NO unborn child would be ready to shoulder a fat loan squandered on some white elephant projects like public school feeding (one of the governor's sure avenue of looting our scarce resources).
He further mentioned that the loan has an interest of 0.5%. Sweet as it may sound, 0.5% interest in dollars few years back was of little or no significance in Naira equivalent considering the term of loan, as compared to this destructive administration of today talk more of the uncertain future. We bet 0.5% interest of the proposed loan could amount to trillions of Naira in the next 10years should this clueless administration fail to terminate in two years from now.
In summary, aside the Federal Allocation to Kaduna State, the State's revenue base is surplus in caring for recurrent expenditure as posited by his administration. What then is the Federal Allocation being used for amidst deteriorating infrastructures? Why the huge loan when he can't justify the utilization of the resources at his disposal?
Finally, we urge you to act by sending a delegation on a fact finding mission to ascertain the economic situation of our dear State, Kaduna to guide you in taking the appropraite steps to salvage the deteriorating economic situation at hand.
WE SAY NO TO $350M WORLD BANK LOAN!
WE SAY NO TO GOVERNOR ELRUFAI!!
SAY NO TO WASTAGES!!!
Signed: Coalition of Kaduna Youth Groups.
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