A Bauchi State government delegation has arrived China to sign a partnership agreement worth $27.5 billion investment in solid minerals to explore selected minerals and establish a Pithead Power Plant project that will contribute 3,500 megawatts of electricity to the National grid in partnership with a Chinese consortium of investors.

A press statement signed and made available to journalists by the press secretary to Governor Mohammed Abubakar, Abubakar Al-Sadique, states that the governor stated this while presenting his score card in the second-year anniversary of his administration.

The statement which quoted Governor Abubakar of as saying his administration has delivered given the paucity of resources, unrealistic monthly wage bill of over N5 billion and corruption in the system, revealed that the projects when completed will generate 10,000 direct and indirect employments to unemployed youth in the State.

The statement further revealed that in addition to generating over $250 million annually from the project, the consortium will construct a 2,500 bed General Hospital with matching facilities worth $30 million to the host communities as its corporate social responsibility which will benefit the people of the state and entire north-east region.

Governor Abubakar said a special purpose vehicle, the Bauchi Mining Synergy and Exploration Limited, has been established to serve as framework for Public-Private-Partnership to acquire mining rights of virgin minerals terrain and take over all viable titles that failed to meet the Mineral and Mining Act of 2007 requirement.

The governor explained that a memorandum of understanding has been signed with the World Bank that will allow the state to access $50 million grant for rural roads construction, pointing out that all these are in tandem with the mission and vision of the administration anchored on the policy thrust of the APC’s change mantra that mainly focuses on the “provision of security, healthcare delivery, education, tackling unemployment through youth and women empowerment, infrastructural development, and human capital development”.

He stressed that the “influx of Internally Displaced Persons into the state as well as beehive of activities of government and non-governmental organizations in the State is a testimony of the peaceful disposition of the State, which was achieved through synergy and effective liaison with security agencies as well as non-conventional security outfits, traditional, religious and community leaders”.

source: http://www.premiumtimesng.com/regional/nnorth-east/232455-bauchi-delegation-arrives-china-for-27-5-billion-deal-official.html

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Please note I cut article.

trash let your works speak for you

Isn't that more than amount Buhari wanted to borrow that those ediots were shouting about?

Justuceleague2:
Isn't that more than amount Buhari wanted to borrow that those ediots were shouting about?

Actually, $1.5b less, but on a scale of fed/state, it is much higher. But the question is, how can Bauchi state pay back that amount? Do you know what is $27.5b?

Governor Abubakar, N5b wage bill in Bauchi state? Abi you don dey pay 56k minimum wage?
Again, which schools you dey renovate? I no blame you, na those thieves wey gather for state House of Assembly I blame.

nextprince:


Actually, $1.5b less, but on a scale of fed/state, it is much higher. But the question is, how can Bauchi state pay back that amount? Do you know what is $27.5b?

Did you graduate from secondary or uni at all. The first paragraph summarises the entire deal.

Bauchi only get $50M in cash. The rest are paid in kind, 3500 megawatt power station and a hospital.

The deal is done !

TheCabal:


Did you graduate from secondary or uni at all. The first paragraph summarises the entire deal.

Bauchi only get $50M in cash. The rest are paid in kind, 3500 megawatt power station and a hospital.

The deal is done !

Actually, I didn't attend even a primary school. But Mr university graduate, can you pls explain the mutual benefits of the deal to both China and Bauchi state? Or is China a father keresi?

This is great news from Bauchi along with the other stuff Ive read. The 3500 MW added to the grid. Then pithead from what I understand means coal. Fayemi Kayode will be ready to jump on this to meet his targets for sector. The mining sector is heating up with these PPP when states get a bit proactive.

The 2500 bed hostital can probably serve the state. It's great they convinced them to invest in that on the side. Then if MOU get through with world Bank better roads to for farmers to market roads.

take over all viable titles that failed to meet the Mineral and Mining Act of 2007 requirement.

Can some explain what they mean by this.

nextprince:


Actually, I didn't attend even a primary school. But Mr university graduate, can you pls explain the mutual benefits of the deal to both China and Bauchi state?

Bauchi/Nigeria get a 3500 mega watt power station - IGR should jump at least 10%
Bauchi get Chinese minning coy - IGR should jump another 5 - 10%
Nigeria gets export taxes

China get the resources it needs to keep manufacture going which translates to more money to her partners including Nigeria and the US.

And yeah China is a not a father christmas - her foreign policy is called (win - win)

You don't seem to know much about Nigeria and her allies - I guess this is the reason you misfired.

Blue3k:
This is great news from Bauchi along with the other stuff Ive read. The 3500 MW added to the grid. Then pithead from what I understand means coal. Fayemi Kayode will be ready to jump on this to meet his targets for sector. The mining sector is heating up with these PPP when states get a bit proactive.

The 2500 bed hostital can probably serve the state. It's great they convinced them to invest in that on the side. Then if MOU get through with world Bank better roads to for farmers to market roads.



Can some explain what they mean by this.

It's just capitalist talk for - If you are a miner in Bauchi and your operation is not inline with the act - your out. I suppose this should also protect Bauchi from Chinese businessmen exploitation. But this is hardly an issue - as Nigerian businessmen are only interested in oil and gas.

Giving away the wealth of future generation for free to those who used their to develop their nation

sultaan:
Giving away the wealth of future generation for free to those who used their to develop their nation

LoL ... the future generation wants electricity , cheap booze, loose girls and fast WIFI.

Wake up - capitalism ti take over

sultaan:
Giving away the wealth of future generation for free to those who used their to develop their nation

Why do you call this giving away? Bauchi State getting plenty out of deal. Tax revenue, higher employment, 3500 MW coal plant, and a general hospital. Next Nigerians aren't excluded from mining sector. The minister secured funds to assist domestic mining companies.

Part of the policy is the mineral should be processed domesticly if you ever read any of Fayemi Kayode interviews. Think from business perspective. The Chinese company brings money, expertise, infastrure,pays taxes and employment. Then you feel they are robbing you by getting minerals they mined.

nextprince:


Actually, $1.5b less, but on a scale of fed/state, it is much higher. But the question is, how can Bauchi state pay back that amount? Do you know what is $27.5b?

Seems you know what is in my mind.

Incase you guys are wondering what they could starrt mining see graphic below. The state gov claims the have deposits of Gold, Cassiterite (tin ore), Columbite, Gypsum, Wolfram, Coal, Limestone, Lignite and Iron ore. The ERGP Says they have some other mix pic below.

It's funny to remember Kemi Adeosun said western powers were blocking coal. Unless I'm misinformed pithead power is coal power. I wonder where boogeyman west is to scold us.

Source: http://bauchistate.gov.ng/natural-resources/
http://nigerianstat.gov.ng/report/523

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Cc: NewsPoacher natznext Jetleeee AworiLagosian

Blue3k:


Why do you call this giving away? Bauchi State getting plenty out of deal. Tax revenue, higher employment, 3500 MW coal plant, and a general hospital. Next Nigerians aren't excluded from mining sector. The minister secured funds to assist domestic mining companies.

Part of the policy is the mineral should be processed domesticly if you ever read any of Fayemi Kayode interviews. Think from business perspective. The Chinese company brings money, expertise, infastrure,pays taxes and employment. Then you feel they are robbing you by getting minerals they mined.

An unfortunate consequence of Nigeria's long dependence on oil is that many (most?) Nigerians can't even grasp the idea of both parties benefiting from economic relationships, creating new wealth where none previously existed: all they can think of is in terms of sharing a fixed pie of oil rents (aka "national cake" ), where someone else has to lose for the other to gain.

omohayek:

An unfortunate consequence of Nigeria's long dependence on oil is that many (most?) Nigerians can't even grasp the idea of both parties benefiting from economic relationships, creating new wealth where none previously existed: all they can think of is in terms of sharing a fixed pie of oil rents (aka "national cake" ), where someone else has to lose for the other to gain.

Its a crazy mentality to have. It's better to keep an abundance mindset instead of scarcity. Honestly it's me wonder if the Chinese have to throw in a piggy back rides for the whole community before they are satisfied.

Blue3k:


Its a crazy mentality to have. It's better to keep an abundance mindset instead of scarcity. Honestly it's me wonder if the Chinese have to throw in a piggy back rides for the whole community before they are satisfied.

The same people would just switch to complaining about the Chinese unfairly squeezing "indigenes" out of the piggy-back riding market! The sense of entitlement and "You must lose for me to win" mentality bred by oil has been a real cancer on Nigeria.

States like Enugu and Benue should do what Bauchi doing. These PPP arrangement could unlock mining potential. Both These states have high quality coal but nothing is mined. Enugu seems to have plan so let's see what cooking.

Just keep in mind from the time Bauchi started Bauchi Mining Synergy and Exploration Limited to this deal was two years. That's short term success. Especially with all the benefits they get. This great addition to Bauchi's other plans.

Last time I'm bumping this thread since it seems like this won't hit front page.