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 a proposed N35 billion bond.

 

The group filed a case with suit number FHC/ABJ/CS/848/2021, before the court, stating the defendants of the case as Governor AbdulRahman AbdulRazaq, 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.

Kwara State governor AbdulRahman AbdulRazaq

It was learnt that some of the defendants had already been served.

 

According to the group, the governor has approved deductions and repayment arrangement for the loan, which is to start at the end of August 2021.

 

The N35 billion bond has generated controversy since the State House of Assembly in January approved Governor Abdulrazaq’s request to obtain the facility, as members of the public expressed concern about the fragile economy of the state.

 

Key stakeholders within the state including members of the ruling All Progressives Congress (APC) and the Peoples Democratic Party, (PDP) have also kicked against the government’s proposed N35 billion bond, highlighting certain loopholes. 

 

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.

 

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 any request the governor makes without considering its consequences.

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