The Senate has on Thursday rejected the Kaduna State credit facility of $350 million contained in the 2016 – 2018 External Borrowing Plan of President Muhammadu Buhari.
The Senate is rejecting the loan request because the new borrowing sought, will make the debt service to revenue ratio high, thereby worsening the state government’s ability to meet its other basic obligations to the people of the state.
The lawmakers are taking this stand after deliberating on the report from its committee on Local and Foreign Loans which recommended that the Senate should reject the requested credit facility.
The committee notes that with the high total debt stock of Kaduna State at the moment, the new debt stock will likely further erode the economic viability of the State.
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