“Between 1978 and 1986, this country incurred debts to the extent that we did not know how much we owed under the regime of General Ibrahim Babangida. They had to engage the services of a consultant in the West to tell us what we owed, and of course, the London Paris Club gave us a figure.
“By the time [former President Olusegun] Obasanjo was paying the debts, in one fell swoop in 2005, this country parted with $12.4bn for the West to forgive us our debts. Meanwhile, they were the real sinners. At that time, on both the principal and the interest, we had paid $42bn. That amount alone could have eradicated poverty in the entire Africa.
“Now again, President Buhari wants to get a loan of $30bn. You know what that means? For generations unborn, we will mortgage their future, except the money is genuinely meant for infrastructural development, which is usually not the case once the money comes in. So Buhari should forget about the $30bn loan when he can get more than that if he goes after our stolen money in the West. General Sani Abacha and one of his men alone stole over $17bn.”
...Femi Falana

Already, the country’s external debt profile stands at $68bn and ranks 57th on the World Bank’s list of countries by external debt.
Furthermore, recent figures from the Debt Management Office show that in the past one year alone, the country has accumulated over $13.2bn (N4.17tn) in external debt.

, "current fiscal landscape in which about 40 per cent of the country’s annual revenue is already applied to debt servicing alone, getting a $29.9bn loan would worsen the economic situation
“It is the largest borrowing in Nigeria’s fiscal history,”
....Mr Henry Boyo, An economist“


Additionally, if the foreign loan package excludes the widely reported offer of billions of dollars’ China loans and the trillions of naira which will also be borrowed from the domestic market to fund future budget deficits, then of course, well over 50 per cent of our actual annual revenue will be required just to service our debts, while the balance income will be predominantly, as usual, consumed by recurrent expenditure, with little left over for infrastructure remediation.

“Besides, when completed, projects funded with the $29.96bn loans would invariably become public utilities. These prospects should be worrisome to us all, as our track record in the management of public utilities has always been riddled with corruption and deliberate negligence while some projects have become moribund, even before completion, while other sporadically sustainable operations have ultimately ended in dismal failure.
........Mr Henry Boyo, An economist

please who on naira land is in support of this $30bn loan. I personally think it's devious. accumulating neck breaking debts for subsequent administrations or as Femi Galena put it "Mortgaging our collective destiny" God forbid.

does our president really care what will happen after he has left office. leaving us to deal with a $30bn loan with it's accumulated interests and service charges? or he cares only about saving his face and public image in the eyes of gullible and fanatical fans?

Hmmm the Nigerian economy.

maybe there is a good side to this loan matter.
though previous loans say otherwise and $30bn is huge!
And with the recent secret closed door meeting between baba and saraki, only God knows what they are up to. just scared for my country.
I'd love to hear peoples' opinion.