The governor of Kaduna state Nasir el Rufai has noted that in response to some of the pronouncements made by some
senators from Kaduna, I will like to say that none of them really
understands economics or what loans are used for.
The World Bank agreed to give us the $350M loan because they had checked
the fiscal position of the state and adjudged us sound.
No doubt, Kaduna is the second most indebted state after Lagos, but it is not
the amount of debt you have that counts, rather it is the capacity
to repay and no banker will lend you money until they have made
an economic analysis of your finances and are confident you can
pay back, that was exactly what the World Bank did.
In fact, we wanted just about $100M to fix our schools but World Bank seeing
that we are faced with a lot of infrastructural deficits advised that
we can borrow as much as $350M. Hopefully, the good people of
Kaduna realize very quickly, who their real enemies are