The Kwankwasiyya Movement has sued Kano state government to stop it from taking a €684,100,100.00 loan from China Development Bank to finance a light rail project.
Kano Focus reports that Kwankwasiyya spokesperson, Aminu Abdussalam stated this in a press release issued on Monday.
Mr Abdussalam said they have taken the move for fear that the money will end up “in the bottomless blackhole of the governor’s babban riga”.
He said Kwankwasiyya has petitioned the Chinese Development Bank, the Chinese Embassy in Nigeria, the Senate President, Minister of Finance, as well as Director General of the Debt Management Office (DMO) “protesting against the proposed enslavement of the people of Kano State.”
“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.” He explained.
Mr Abdussalam who was the PDP deputy governorship candidate for Kano state in the 2019 election, said the proposed loan is equivalent to 15 years’ worth of the total annual revenue internally generated by Kano state and twice its annual budgetary allocation.
