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 what you said is true,I think its a nice idea by the chinese government.these our leaders can't be trusted at all.smh

But we have foreign reserve nah.
Why don't they withdraw from the reserve in other not to raise debth which inturn render our currency less and pay a lump sum of interest for 20yrs.

The interest alone is about 1.8% of our annual budget.

This is what Dino Melaye is talking about, NOI and other are in power to perpetrate IMF agenda on this country.

Anyway, we've always know how this will end.

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

Really

berem: if what you said is true,I think its a nice idea by the chinese government.these our leaders can't be trusted at all.smh

Good, only for thr Peoples Republic of China.

ebamma: 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

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.
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. Since you have "confidence on what the system has to offer" why don't you tell us the "structural and civil engineers" carrying out the work as well as their qualifications, so that we can appraise them?

2. Did I tell you I want to create a separate agency to manage the projects? Is it wrong to ask questions? Didn't I start by saying that the interest rate and moratorium are reasonable?

3. Good. So if you don't know, hush it, while we ask those who do.

4. I wonder if you were in the country during the fuel subsidy probe when govt officials could neither give us the number of barrels being produced per day nor the number of litres of petrol imported per day.

If questions such as the ones I asked are "dumb" to you, then you need help. Consult your dictionary if you don't know what "constructive criticism" means.

browncool:
I presume we think alike, could we have been twin brothers from different parents?

Lol... Maybe. You never know.

SimonAndal: No wonder Enugu is being overrun by Asians. I went into the town yesterday and there was 1 Asian for every 10 Nigerians.

are you serious or just kidding?

Opoki: But we have foreign reserve nah.
Why don't they withdraw from the reserve in other not to raise debth which inturn render our currency less and pay a lump sum of interest for 20yrs.

The interest alone is about 1.8% of our annual budget.

This is what Dino Melaye is talking about, NOI and other are in power to perpetrate IMF agenda on this country.

Anyway, we've always know how this will end.

do you think dangote wont still borrow to start a new business. Business dsnt go that way. always concentrate cash around you.

what do expect it's clearly defined here check it out urself by clicking the link http://www.hulkshare.com/9l6m8iibkzcw

And sanusi 2geda wit Ngozi wahala says and i qoute 'd nigerian economy is d fastest growing economy of d world' end of qoute. Dis two managers shud be send on a compulsory retirement b4 they sabotage our already decayed and rutherless economy.

The contracts in question are to be handled by Chinese companies. SO Chinese government is loaning Nigeria money to go back into the hands of Chinese companies. Chinko can never give you anything for free.

This is the worst form of neo-colonialism ever.

domack99: 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.

Background

In 2004, a Federal Executive Council memo observed the increasing proliferation of disparate IT networks and assets across Federal Government MDAs and sought to streamline these efforts by constituting a committee for the Harmonization of Government IT infrastructure initiatives.

Following the recommendation of the Federal Executive Council Committee on the Harmonisation of Government IT infrastructure assets, the President of the Federal Republic of Nigeria directed that a company be established to consolidate and integrate all the disparate existing government-owned networks into a single holistic government-wide network.

Based on the presidential directive, Galaxy Backbone was incorporated in 2006 as a public limited liability company (RC 656992).In order to fully achieve its mission and execute its mandate, the company shall operate as a commercial entity, even though it is 100% wholly owned by the Federal Government of Nigeria.

Vision

To be the leading enabler of digital inclusionin Nigeria and Africa.

Mission

We drive national development through theprovision of a pervasive ICT infrastructure and services to public institutions, under-served communities and other stakeholders.

Values

*. Initiative and Innovation

*. Passion and commitment to excellence and results

*. Accountability and Integrity

*. Customer centric

*. Teamwork

Mandate

Galaxy Backbone Plc has the official mandate to build and operate a single nation-wide IT infrastructure platform to provide network services to all Federal Government Ministries, Departments and Agencies (MDAs).

Manage all national databases and transversal applications and services for all Federal Government MDAs.

Provide connectivity and internet access to rural and underserved communities and 3rdparty customers.

Integrate People, Technology and Best practices to operate a financially independent company.

Meet and sustain service quality standards as contained in Service Level Agreements.

Objectives

Galaxy Backbone Plc is expected to achieve the following objectives:

*. Support attainment of digital inclusion for all by providing connectivity to rural and underserved communities in the country.

*. Operate as commercial and profit oriented company to provide services to customers in the public and private sectors.

*. Avoid duplication of resources, save costs, and make the best effective use of available resources.

*. Provision of the required ICT infrastructure platform to support the Government’s reform program.

*. Support the attainment of Millennium Development Goals (MDGs) through the provision of connectivity and solutions that will enable the delivery programs in education, healthcare, and agriculture, etc, to rural and underserved communities.

Hope the next generation will be able to cope with this debt.

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.
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...

Who is this?
@ topic
The only time I hear the FG is embarking on a project is when they borrow loan.

de only problem nigerians r aving is dat dey do nt trust deir government.all we shud do is wait nd see like gej once said.we cnt keep condeming evwi step he takes it wunt help him.he said by 2013 we will celebrate him so lets just watchout instead of outright condemnation of wat his is doin.afteral na wetin obj no fit do for 8yrs na it we dey carry put for gej head to do for 4yrs

maclatunji:

If you like turn the cash into Cassava, it is still debt.

You understand what others were complaining about, looting looting looting. I came in to explain the stuff and here u r saying cassava, we know it is still a loan. It is just like I am an agent to a financial firm in USA that sources for funds for project financing using US EXIM BANK loan, you wont see any cash but the machines and equipment you need will be sourced from the USA market and supply to you after meeting their terms and conditions

One things is clear. These clowns are mortgaging our future. We have people in Nigeria who stole public funds and worth more than that amount.

I think the reason why thieves get away with stealing our public money is that they dont believe in Nigeria as a nation.

Wonderful!!! China is really a savior of the world from IMF and World Bank!

$1.1bn USD on just 2.5% rate with 7 years moratorium for a lengthy 20yrs duration ? I wish Chinese banks can offer such loan to Nigerian Entrepreneurs, I just wish, no one would have borrowed from greedy Nigerian banks again

This is like a grant if you ask me. Congrats to the FG on such a deal.

The fastest growing economy with no jobs the pøör get poorer and faruk sanusi and co continue to get rich onA SERIOUS NOTE NIGERIA IS DESIGNED FOR FAILURE imagine i just treck 2day because fuel stations refuse to sell fuel and they are planing to do rail in abuja @how doese that change the price of cassava bread in the market

Sam Milla: One things is clear. These clowns are mortgaging our future. We have people in Nigeria who stole public funds and worth more than that amount. I think the reason why thieves get away with stealing our public money is that they dont believe in Nigeria as a nation.

Which Public funds are you talking about ? How much tax have you paid this year. FG is doing the right thing, if everyone paid their due taxes government will not depend on Oil and on foreign loans to provide infrastructures. Nigeria is not manna-avenue. Stop complaining if you dont pay taxes. And enough of all these talks about people stealing public funds, cos if you find yourself there, you will do worst. Government wont stop developing infrastructures cos people stole money in the past. Enough of all these complaints. Dont depend on government for everything.

Someone is using saw to cut ya neck and the same person is telling you not to talk that he will not break ya bone and u belive him sorry 4 ya

misreal: de only problem nigerians r aving is dat dey do nt trust deir government.all we shud do is wait nd see like gej once said.we cnt keep condeming evwi step he takes it wunt help him.he said by 2013 we will celebrate him so lets just watchout instead of outright condemnation of wat his is doin.afteral na wetin obj no fit do for 8yrs na it we dey carry put for gej head to do for 4yrs

stagger: The contracts in question are to be handled by Chinese companies. SO Chinese government is loaning Nigeria money to go back into the hands of Chinese companies. Chinko can never give you anything for free.

This is the worst form of neo-colonialism ever.

, And of course, China would still make profit from the interest.

what's most painful in this case is that all three projects do not directly affect the average Nigerian...

Most economies all over the world have utilized loans to fund major infrtructural projects. I think the terms of this loan is just fine. My only worry is the quality of work to be done by these Chinese. Hope someone will monitor them effectively. I prefer Chinese loans any day over IMF and World Bank.

Getting our priority wrong. 4 new terminals for what? Is that what is needed now? When our educational system is in comatose, when the health system cannot even treat our first lady of food poison, when our roads are highways to heaven, when every water we use are provided for by individuals, when we have to provide our own security cause a call to d police will take 72 hrs before response, when business spends 45% of their production cost to generate electricity and what do our federal government do, borrow money to build 4 new terminals around the country.
I tell you, even if we have 36 world class airports in Nigeria, what's the probability that this will increase the numbers of air travels in total. No be people we don chop belefull go fly by air? Or will it automatically increases the numbers of airline coming to Nigeria? Person we no get visa dey travel? Nonsense!

If you say someone dont pay tax u are just ignorant maybe u havnt heard of anytin like indirect tax let me explain if dangote pay tax for his noodle companey he wil add the price of tax to the price of the noodle so if u buy noodle u indirectly pay tax olodo copy that and paste on ya forehead

Billyonaire: Which Public funds are you talking about ? How much tax have you paid this year. FG is doing the right thing, if everyone paid their due taxes government will not depend on Oil and on foreign loans to provide infrastructures. Nigeria is not manna-avenue. Stop complaining if you dont pay taxes. And enough of all these talks about people stealing public funds, cos if you find yourself there, you will do worst. Government wont stop developing infrastructures cos people stole money in the past. Enough of all these complaints. Dont depend on government for everything.

Bumkum

Aliko Dangote, could ave give them de money nah, china thing no de last nah, abi lie?

Billyonaire: Which Public funds are you talking about ? How much tax have you paid this year. FG is doing the right thing, if everyone paid their due taxes government will not depend on Oil and on foreign loans to provide infrastructures. Nigeria is not manna-avenue. Stop complaining if you dont pay taxes. And enough of all these talks about people stealing public funds, cos if you find yourself there, you will do worst. Government wont stop developing infrastructures cos people stole money in the past. Enough of all these complaints. Dont depend on government for everything.

Can you hear yourself?
I have a registered company that clears its taxes.
Dont you know what public funds are or are you saying that they dont loot?
Thanks for defending our innocent govt. Its obvious there is nothing i can do except ranting on the internet. I guess you benefit directly from them one way or the other.
I heard its very difficult to think about the poor masses as soon as you become one of them. Is it true mr billionaire?

.

Re: FG Takes $1.1Bn Loan From China For 3 Projects by misreal(m): 11:51amde only problem nigerians r aving is dat dey do nt trust deir government.all we shud do is wait nd see like gej once said.we cnt keep condeming evwi step he takes it wunt help him.he said by 2013 we will celebrate him so lets just watchout instead of outright condemnation of wat his is doin.afteral na wetin obj no fit do for 8yrs na it we dey carry put for gej head to do for 4yrs.

Are you saying NIGERIANS SHOULD WAIT TILL JESUS COME......lol, I think you must be related to one of the FAT COWS that steals public fund....

You still don't get and I don't think you'll ever get it.

Electricity should be their priority and not F*****G terminals that they have no idea of what it takes to maintain ANYTHING.

We need electricity in this 21st F*****g century, if you've are well enlighten you'll know that's Nigerians need electricity to power both INDIVIDUAL AND PRIVATE BUSINESSES, the whole country is in Darkness, passengers are constantly sweating on their arrival at the MM AIRPORT and NO SOAP in the toilet, cleaner are always patronizing you as if you have to ask for soap after using the toilet.

Wake up my friend, this is what BABA 70 called AUTHORITY STEALING......SUCK NIGERIA DIE.

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. 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.

I admire ur line of thinking. Very constructive and well researched.