Kaduna In Chains: The Curious Case Of The $350 million World Bank Loan By Dr Nasir Aminu
No society can surely be flourishing and happy, of which large part of the population is poor and miserable. – Adam Smith The 2007 Fiscal Responsibility Act (FRA) has been kind to all government tiers by allowing them to borrow cheap money as long as markets are happy to provide, subject to legislative approval. The Act provided Kaduna state with the opportunityto agree a record $350 million loan from the World Bank to finance part of el-Rufai’s development plan. The loan’s twointerest rates, 3.7% for $216 million and 2.2% for $134 million were low enough to satisfy…
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