Community Report

Group Asks Court to Stop Gov AbdulRazaq From Taking N35b Loan

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782E5151 7FAA 49D2 8701 D3A4F4735277

The Kwara Consultative Stakeholders Forum has filed a suit before the Abuja Division of the Federal High Court, seeking an order to restrain and stop the Kwara State government from taking its proposed N35 billion bond.

With suit number FHC/ABJ/CS/848/2021, the case has as defendants Governor Abdulrahman Abdulraza, the Kwara State House of Assembly, the State’s Attorney General, Federal Ministry of Finance, Securities and Exchange Commission, Greenland & Growth SPV Limited, GTL Trustees Limited and EAC Trustees.

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As at the time of filing this report, some of the defendants have already been served.

It was also gathered that deductions and repayment arrangement for the loan has been approved by Governor Abdulrazaq to start at the end of this month.

There has been a raging controversy on the issue of the N35billion bond since the State House of Assembly in January, approved Governor Abdulrazaq’s request to obtain the facility, with members of the public expressing concern about the fragile economy of the State.

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Key stakeholders within the State including members of the ruling All Progressives Congress, APC and the opposition Peoples Democratic Party, PDP, kicked against the government’s proposed N35billion borrowing.

The Kwara PDP had in a statement by its State Publicity Secretary, Tunde Ashaolu, condemned the State Assembly for approving what it described as the governor’s ridiculous and humongous loan request, warning that the move would hamper the state’s capacity to meet future obligations.

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The party said the decision by the lawmakers to approve the loan request was ill-thought-out, depressing and disappointing, noting that the lawmakers were in the habit of approving whatever request the governor makes without giving a thought for the consequences.

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