The Nigerian Senate today accepted the recommendations of the committee on Local and Foreign Debts to reject the loan request of $350M from Kaduna State Govt.
In his submissions, the chairman of the committee Senator Shehu Sanni stated that the loan request failed all the litmust test necessary to approve a loan request. He went ahead to state that approving $350M loan from a state that has already $200M debt will amount to Kaduna becoming the second largest indebted State in Nigeria. Alarmingly though, the reasons for the loan request to not meet the required conditions for such a huge loan he said.
Contributing, Senator Hunkuyi also from Kaduna State supported the recommendations to reject the loan with fact and documents to buttress the fact that the loan failed to meet the required conditions for such a huge loan.
The Senate finally through a voice vote rejected the loan unanimously.
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