The Federal Government on Friday said the terms of $1.1 billion soft loan obtained from the Export Import (EXIM) Bank of China are “very favourable.”

The Senior Special Assistant to the Coordinating Minister for the Economy and Minister of Finance, Paul Nwabuikwu in a press release, described the facility as “a concessional credit obtained at 2.5% interest, compared to about 16% or higher from Nigerian banks. The repayment period is 20 years with a grace period of seven years.”

Mr Nwabuikwu said the money will be used to execute projects of high priority and high impact “which are designed to have practical economic effect and make life better and more convenient for Nigerians from all socio-economic groups.

“For instance, the Abuja light rail project in the Federal Capital Territory will significantly improve the lives of Nigerians especially those in the lower socio-economic groups who have to travel great distances from their homes on the outskirts to their places of work in the city.

“One part of the intra-city rail network will extend from the city centre to Kubwa and the Nnamdi Azikiwe International Airport. The second will run from the city centre to Masaka in Nassarawa State. Both are high density, high traffic routes,” he said.

The finance minister’s aide further said that the new airport terminals that will be constructed with the credit facility “will help Nigeria achieve the status of a hub on the continent and create jobs. The terminals will also help to grow passenger capacity to over 50 million from the current 20 million and increase the number of direct and indirect jobs in the sector to 1.5 million from the current 60,000.

Another project on which the loan will be expended is the refurbishment of the Galaxy Backbone, a project Mr Nwabuikwu said “will boost the sophistication and effectiveness of the government’s efforts to tackle security challenges and improve connectivity to modern technology, especially for Nigerian youths in underserved rural areas.”

The Minister of Transport Idris Umar had last month announced that Nigeria had secured $1 billion facility from Exim bank in China for a rail link.

The Minister while announcing that the railway will be built by the China Civil Engineering Construction Corp. did not however mention the other projects listed by the finance minister’s aide.

Mr Umar had said the soft credit secured on “concessionary terms” will partly finance the planned $1.5 billion 157-kilometer (98-mile) double-carriage railway between Lagos and Ibadan.

“Negotiations have been concluded with the China Export-Import Bank for an initial $500 million,” Mr Umar said in a statement.
“The negotiations on the balance sum of $500 million are expected to be done in due course.”

Nigeria will provide $500 million of additional funding.


http://www.channelstv.com/home/2012/09/14/fg-says-terms-of-1-1-billion-china-loan-are-favourable/




My Questions Are;

Would railway project make any significance differences in the lives of Nigerians living in Abuja?

Would construction of new terminal at Nnamdi Azikiwe Airport cause any rapid changes in Nigeria's economy?

Would the refurbishment of Galaxy Backbone help solve and strengthens the security problems Nigeria is facing?

Will the planned construction of double-carriage railway between Lagos and Ibadan leads to creation of employment to the teeming Nigeria unemployed youths/graduates?

Would it ever get completed BEFORE GEJ finishes his tenure as the Nigeria President? And how are we sure this is not another way of dragging our great nation into another international debt?


I wonder if Nigeria as a blessed country as it was, really need an international soft loan, God Help Us!

Can any bank or any country ever give loan that is not favourable to them?

A debtor is a debtor
A loan giver is a businessbank

No bank in the world will give out loan and be at loss.

Think Think Think Oh Ye Government of little Knowledge.

Blessed are the young for they shall inherit the National Debt.

This is how they have being morgaging the future of our youths since the independence.

The same Okonjo Iweala that took us out of Paris Club Debt Hole is taking us to Chinese debt Dungeon.

Sorry Sorry ooooooo
I sorry for Nigeria
Sorry Sorry oooooo
Egba mi ooooo (femi Kuti)

Authourity Stealing Pass Armed Robbery

Authourity Man need pen armed robber need gun.

Authourity man need probe armed robber need firing squad.

Authourity man steal billions of dollers armed robber steal thousands of naira.

You no go hear them shout rogue rogue rogue

(Fela Anikulapo Kuti)

@OYINBOGOJU:

Na wa oooo. I wonda myself ooooo. I no sabi d kind mumu government we get, dem don too take us for fools and nobody is ready to counter dem sef. Sometimes, I wonda if 9ja go everly change, imagine government collecting loans of such hugeness, as if Naija no get bar enuff for the construction and refurbishment of all these infrastructures, but dem go de collect loan putting our lives on the line with debts, debts wey na dem go chop as individual government officials. Me , I don talk tay tay kuma, say dat Iweala na big She-thief, wetin we fit do? Notin, but one thing stand sure, if dis people steal our money finish and dem commot government nobody see anytin do for dem, God judgement de wait dem, make dem no die again oooo. No thief of Naija government public funds will ever go scot-free in the sight of Baba God.

Mr Nwabuikwu said the money will be used to execute projects of high priority and high impact “which are designed to have practical economic effect and make life better and more convenient for Nigerians from all socio-economic groups.

We don hear!