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Nairaland Forum / Nairaland / General / Politics / FG Takes $1.1Bn Loan From China For 3 Projects (9573 Views)
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FG Takes $1.1Bn Loan From China For 3 Projects by Nobody: 9:05am On Sep 13, 2012 |
NIGERIA has increased its external debt profile with an additional $1.1 billion borrowed for three projects. http://www.ngrguardiannews.com/index.php?option=com_content&view=article&id=98574:fg-incures-more-debt-takes-chinas-11b-credit-&catid=1:national&Itemid=559 |
Re: FG Takes $1.1Bn Loan From China For 3 Projects by jamace(m): 9:26am On Sep 13, 2012 |
Chei Nigerian leaders! Looting,borrowing and looting again. Our leaders have continued to mismanage our resources. What a shame on a wealthy nation like Nigeria. 5 Likes |
Re: FG Takes $1.1Bn Loan From China For 3 Projects by maclatunji: 9:33am On Sep 13, 2012 |
jamace: Chei Nigerian leaders! Looting,borrowing and looting again. Our leaders have continued to mismanage our resources. What a shame on a wealthy nation like Nigeria. Exactly! |
Re: FG Takes $1.1Bn Loan From China For 3 Projects by kunlekunle: 9:36am On Sep 13, 2012 |
Why borrow when NOI can easily raid piggy banks. Why borrow when last month's funds gained from partial subsidy removal was shared. why borrow when a 25b naira was given to someone for SURE P program. Why, why, why. |
Re: FG Takes $1.1Bn Loan From China For 3 Projects by Nobody: 9:37am On Sep 13, 2012 |
Though 2.5% is not a bad rate of interest (assuming there are no hidden charges) and there's a moratorium of 7 years, I still have doubts. 1. Is there any form of quality assurance testing on the materials to be used for the rail project? 2. Who will manage the rails and the airports once work is completed? 3. How do we know the money won't be diverted to somewhere else, or that the projects won't suffer cost overruns? 4. How do we know the projects won't end up on the long list of failing/abandoned projects? 5. Is it a government that cannot account for how much oil we produce that can manage foreign debt? Until questions like these are answered satisfactorily, I remain skeptical. 7 Likes |
Re: FG Takes $1.1Bn Loan From China For 3 Projects by Chubhie: 9:48am On Sep 13, 2012 |
This lootocracy will never move this nation forward..We are not cutout for democracy where politicians only look to loot our collective commonwealth dry before leaving cos tis a once in a lifetime opportunity...The system is already configured to fail regardless of who gets there |
Re: FG Takes $1.1Bn Loan From China For 3 Projects by mankevo(m): 9:54am On Sep 13, 2012 |
Where is OYINLOLA that was ranting RUBISH about A.C.N plunging their states in debt? Am sure he wount see this as "Plunging into debt" because the share will reach him, and certainly sure the repayment term will out-live their administration. MORE DEBT NIGERIA, MORE MONEY IN OUR LOOTOCRACY's Pockets & God for ORDINARY Nigerian!!!!!!!!!!! 3 Likes |
Re: FG Takes $1.1Bn Loan From China For 3 Projects by Elueme: 10:03am On Sep 13, 2012 |
Your sensational heading is misinforming... Kindly let them know in your headings that the said money was for special projects ad you highlighted in the body of the text because many won't bother to read before jumping at conclusion. You made it seem as the FG was broke and went for borrowing . Special projects needs special funds for easy monitoring. 2 Likes |
Re: FG Takes $1.1Bn Loan From China For 3 Projects by Elueme: 10:15am On Sep 13, 2012 |
HNosegbe: Though 2.5% is not a bad rate of interest (assuming there are no hidden charges) and there's a moratorium of 7 years, I still have doubts.1.Maybe you help govt raise a team of structural and civil engineers to help assess the quality of materials since you got no confidence on what the system can offer. 2. Who are those who have been saddled with the responsibilities of managing these agencies before now? Ok, you intend creating yours for the FG? Ok nau 3 if you ask meee, na who i go ask!!! 4.pls come and help govt account for oil production as well as manage her foreign debt.. Where where you when the ministerial list was drawn... [b]STOP ASKING DUMB QUESTIONS... 1 Like |
Re: FG Takes $1.1Bn Loan From China For 3 Projects by PROUDIGBO(m): 10:16am On Sep 13, 2012 |
I hope it's not just China that will do ALL the constructing? This may cut the cost a bit, but it just doesn't sit well with me that China is involved 100% in all the contracts just b'cos they loaned us the money.....i'm still to be convinced of their engineering prowess, attention to detail and rigorous safety standards (like we see with German and American firms for instance). |
Re: FG Takes $1.1Bn Loan From China For 3 Projects by browncool(m): 10:16am On Sep 13, 2012 |
HNosegbe: Though 2.5% is not a bad rate of interest (assuming there are no hidden charges) and there's a moratorium of 7 years, I still have doubts.I presume we think alike, could we have been twin brothers from different parents? 1 Like |
Re: FG Takes $1.1Bn Loan From China For 3 Projects by Nobody: 10:17am On Sep 13, 2012 |
What happened to the foreign reserve? Can't they use part of the money to do whatever they wanna do? This country sef eh.... Na wa! |
Re: FG Takes $1.1Bn Loan From China For 3 Projects by erico2k2(m): 10:19am On Sep 13, 2012 |
oil money isnot comming in as B4 so now they need new money for Elections lol |
Re: FG Takes $1.1Bn Loan From China For 3 Projects by ebamma(m): 10:21am On Sep 13, 2012 |
i always thought i was clueless until i met Goodluck Jonathan i always thought i was a fast guy until i met Usain Bolt i always thought my english was bad, until i met Patience Jonathan i always Thought i was a crook until i met Farouk Lawan 11 Likes |
Re: FG Takes $1.1Bn Loan From China For 3 Projects by jeolaxiez(m): 10:23am On Sep 13, 2012 |
i feel bad for dis failed state called naija. does it mean dis country cant raise such a meagre amount oda dan borrow? i am ashamed wth d kind f leaders we hv! mtcheeeeeew |
Re: FG Takes $1.1Bn Loan From China For 3 Projects by moyems(m): 10:26am On Sep 13, 2012 |
How do i post a topic on NL? Can anyone help? Thanks |
Re: FG Takes $1.1Bn Loan From China For 3 Projects by waja(m): 10:26am On Sep 13, 2012 |
Incuring debt for your successor is bad. Why not borrow from one of your THIEVES, e.g Farouk, Otedola or Sanusi? |
Re: FG Takes $1.1Bn Loan From China For 3 Projects by Nobody: 10:26am On Sep 13, 2012 |
They shoulda borrowed it from Samsung or Apple. Heard they've got billions more to spare. Lmao! Naija I hail thee. |
Re: FG Takes $1.1Bn Loan From China For 3 Projects by ichieakpo(m): 10:28am On Sep 13, 2012 |
which way Nigeria |
Re: FG Takes $1.1Bn Loan From China For 3 Projects by megxo(m): 10:28am On Sep 13, 2012 |
CHINA DAT MONEY IS SURE NOT GONNA LAST>>>>>>>>>>> 1 Like |
Re: FG Takes $1.1Bn Loan From China For 3 Projects by Nobody: 10:28am On Sep 13, 2012 |
No wonder Enugu is being overrun by Asians. I went into the town yesterday and there was 1 Asian for every 10 Nigerians. |
Re: FG Takes $1.1Bn Loan From China For 3 Projects by domack99(m): 10:31am On Sep 13, 2012 |
Its okay to take a loan if the project is viable, in this case taking a loan for airport to me does not make any logical sense, the busiest airport in the country is MMI in lagos and its not due to lack of infrastructure that makes it far less busier than other airport in other major cities around the world, its simply because of the level of the country economic potential. It will even be more economically wise and viable if the loan is taking to improve or develop seaports all around the country, so that Nigeria at various geopolical region can easily transport their goods to any part of the world at cheaper and more competive value. I would have love to remain silence on the abuja rail but i don't think abuja should be in an hurry for the rail system as the present population still give room to long term implementation of the rail system base on subsequent project. Please can someone tell me which one be galaxy infrastructure project. |
Re: FG Takes $1.1Bn Loan From China For 3 Projects by Nobody: 10:32am On Sep 13, 2012 |
"I dont give a damn" whether we borrow 12 Billion or not so long the money is judiciously used for the said projects. But, considering the rate of corruption,embezzlement and lawlessness in this country,i'm only seeing this money going into an offshore account of some powerful Public office holders and the project abandoned. Gosh we need a Egypt-like Revolution if this public criminalities must end |
Re: FG Takes $1.1Bn Loan From China For 3 Projects by Neftanga: 10:36am On Sep 13, 2012 |
Elueme: 1.Maybe you help govt raise a team of structural and civil engineers to help assess the quality of materials since you got no confidence on what the system can offer. PlEaSe wE nEeD tO sTop bEiNg sEnTiMeNtAl eSpEcIaLlY wHeN gErMaNe iSsUeS HaVe bEeN rAiSeD. CoNsTrUcTiVe cRiTiCiSm iS nEeDeD hErE cOs tHoSe pOiNtS rAiSeD wHeRe sUcCiNt. ThE pRoBlEm oF pErIoDiC mAiNtEnAnCe iS sTiLl a MaJoR iSsuE tHaT gOvT sEeMs uNaBlE tO fInD a wHoLiStIc sOlUtIoN tO. We sTiLl rEmEmBeR oUr NaTiOnAl cArRiEr,oUr rOaDs tHaT biLliOnS oF nAiRa wErE aWaRdeD fOr rEpAiRs aNd tHe lIkEs......... |
Re: FG Takes $1.1Bn Loan From China For 3 Projects by Freiburger(m): 10:37am On Sep 13, 2012 |
It is very easy taking, but paying back is another thing. |
Re: FG Takes $1.1Bn Loan From China For 3 Projects by amaba: 10:40am On Sep 13, 2012 |
mankevo: Where is OYINLOLA that was ranting RUBISH about A.C.N plunging their states in debt? Am sure he wount see this as "Plunging into debt" because the share will reach him, and certainly sure the repayment term will out-live their administration. MORE DEBT NIGERIA, MORE MONEY IN OUR LOOTOCRACY's Pockets & God for ORDINARY Nigerian!!!!!!!!!!!PDP is copying the headquarters of ACN - Lagos. hope there will b toll gates on all the entrance point to d project and traffic laws to help recover the funds 4 payment? 1 Like |
Re: FG Takes $1.1Bn Loan From China For 3 Projects by bishopjoe02(m): 10:42am On Sep 13, 2012 |
I hate noise, let act. What cn we do to stop al dis. We have had enough abt 9ja problem, we nid soln |
Re: FG Takes $1.1Bn Loan From China For 3 Projects by Aringon(m): 10:48am On Sep 13, 2012 |
Let me school you guys on this topic, when any EXIM BANK anywhere in the world finances your project be it private or public projects, they wont give you cash, instead they will convert than loan to supplying the materials, machines that will be used for the project. Like this projects financed by Chinese Exim bank, they Chinese will be the manufacturers of the materials and the rails that will be used for the projects 1 Like |
Re: FG Takes $1.1Bn Loan From China For 3 Projects by LeCoq: 10:50am On Sep 13, 2012 |
question is..Why are we still borrowing? Well since the honourable minister has chosen to create a repayment fund rather than identify the actual cause of our burgeoning debt base, and drastically reduce the spate of ‘purposeless’ government borrowing then the answers are not far fetched. |
Re: FG Takes $1.1Bn Loan From China For 3 Projects by chyket(m): 10:56am On Sep 13, 2012 |
It's so sad that a Nation that squandered about $16b in payment of fake fuel subsidies to it's Friends in 2011,is now borrowing $1.1b to build infrastructures.This is a typical case of misplaced priorities and lack of wisdom.It's just like using $100,000 to throw parties and then later you remember you are supposed to build your house so you turn around to go to the bank to borrow $10,000 to start building the house. God save this Nation from the hands of our selfish Leaders 3 Likes |
Re: FG Takes $1.1Bn Loan From China For 3 Projects by Phikom(m): 10:56am On Sep 13, 2012 |
Here we come again...lootocracy...God is watching |
Re: FG Takes $1.1Bn Loan From China For 3 Projects by maclatunji: 10:57am On Sep 13, 2012 |
Aringon: Let me school you guys on this topic, when any EXIM BANK anywhere in the world finances your project be it private or public projects, they wont give you cash, instead they will convert than loan to supplying the materials, machines that will be used for the project. Like this projects financed by Chinese Exim bank, they Chinese will be the manufacturers of the materials and the rails that will be used for the projects If you like turn the cash into Cassava, it is still debt. 2 Likes |
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