dedeike:
The Fashola you talk of governs a state that is the most indebted in Nigeria. Lagos state tops the list of indebted states in Nigeria with a total Foriegn debt profile of five hundred million dollars.
If in doubt, review this link.http://www.punchng.com/news/lagos-kaduna-criver-ogun-oyo-top-foreign-debtors-list/

Secondly, America's debt profile rose drastically under Obama to 16 trillion dollars.http://money.cnn.com/2012/09/05/news/economy/federal-debt/?iphoneemail

What I'm driving at is that it is not wrong to borrow to finance certain critical projects. Provided that the projects for which the facility is granted is duly executed, then it is in order.
A critical X-ray of the terms of the loan shows that it is almost like a grant. No real objective mind would have a problem with this loan.

taharqa: If you dont know wot u re talking about(and u certainly do not) why dont u ask questns and stop there?ignorant ppl who confidently mk 'points' on public fora disgust me

chucky234: Can't stop laughing at your daftness,how do we pay back the loan? Let me guess,to pay back Nigeria will have to manufacture the same set of materials Exim Bank supplied us for the rail projects then ship them back to China to settle the loan, abi?
Your mumu wear thick coat, what a besotted clown.

Nonybb: And we have $41.5 billion external reserve. Why is the money there for nigerians sake?

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?my friend is this how you run your life(pessimism).No wonder you have not been successful.The faith GEJ has in starting these projects shall make it come to success,AMEEEEEEEEEN.

Until questions like these are answered satisfactorily, I remain skeptical.

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.

BENZINA: My friend is this how you run your life(pessimism).No wonder you have not been successful.The faith GEJ has to initiates these projects shall make it come to success,Ameeeeeeeeeeen.

HNosegbe:

Lol... Another dumb bozo. So I should sing "kumbayah" and accept anything the government throws my way without asking questions? Why am I then a citizen? Do you think projects are executed by prayers or loans repaid by fasting? And who told you I'm not successful? How did you find out the extent of my success (or lack of it) when we have never interacted beyond a public, faceless forum?

Oga, please get a life.

maclatunji:

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

what Aringon said is worrisome, don't discard info like that, if the EXIM fund projects in that manner, having procurement under their armpit, then, where is the employment for Nigerians in a $1.1b venture