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Stats: 1,916,248 members, 3,928,971 topics. Date: Thursday, 23 November 2017 at 10:33 AM

Senate Approves Buhari’s $5.5 Billion Foreign Loan Request - Politics - Nairaland

Nairaland Forum / Nairaland / General / Politics / Senate Approves Buhari’s $5.5 Billion Foreign Loan Request (7478 Views)

5.5 Billion Dollar Foreign Loan: Your Debt Profile Is Rising - IMF Warns Nigeria / Buhari Seeks Senate's Approval For $5.5bn Foreign Loan / Federal Government Leaves Out South East In Projects From $29.96B FOREIGN LOAN (1) (2) (3) (4)

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Senate Approves Buhari’s $5.5 Billion Foreign Loan Request by nwakibie3(m): 12:14pm On Nov 14
The Senate on Tuesday approved a $5.5 billion external loan request by President Muhammadu Buhari.

The president had in a letter on October 10 requested the Senate to approve $3 billion external loan and $2.5 billion Eurobond or Diaspora bond in the international market.

Mr. Buhari explained that the bonds would be channelled towards funding the 2017 budget while the loan would be used in refinancing maturing domestic debts.

Based on the Senate’s resolution, the Committee on Local and Foreign Debts on October 19 invited the Minister of Transportation, Rotimi Amaechi, and some other members of the executive to explain the benefits of the loan.

Presenting report of the committee, Shehu Sani, Kaduna-APC, said the projects listed for the loan would stimulate economic development and create direct and indirect jobs for Nigerians.

He added that the $2.5 billion will create more borrowing space for the private sector.

https://www.premiumtimesng.com/news/top-news/249328-breaking-senate-approves-buharis-5-5-billion-foreign-loan-request.html

2 Likes 1 Share

Re: Senate Approves Buhari’s $5.5 Billion Foreign Loan Request by easternguy1(m): 12:16pm On Nov 14
FTC
Re: Senate Approves Buhari’s $5.5 Billion Foreign Loan Request by Spylord48: 12:25pm On Nov 14
Is one thing to borrow and is another thing to utilized the borrowed money. I hope it won't end up in the pockets of few individuals as usual.USA is among the world indebted states yet the citizens arent complaining much because they are seeing the money been put into use.But in a state somewhere in the western part of Africa,billions have been borrowed yet there is nothing to show for it.

25 Likes 3 Shares

Re: Senate Approves Buhari’s $5.5 Billion Foreign Loan Request by Bonapart(m): 12:29pm On Nov 14
This country sha

3 Likes

Re: Senate Approves Buhari’s $5.5 Billion Foreign Loan Request by Factfinder1(f): 12:29pm On Nov 14
And the looting continues...3years no physical development naira has been hanging on 360 no food no light no water no road no hospitals no jobs....what a change

29 Likes

Re: Senate Approves Buhari’s $5.5 Billion Foreign Loan Request by Badonasty(m): 12:30pm On Nov 14
nwakibie3:
The Senate on Tuesday approved a $5.5 billion external loan request by President Muhammadu Buhari.

The president had in a letter on October 10 requested the Senate to approve $3 billion external loan and $2.5 billion Eurobond or Diaspora bond in the international market.

Mr. Buhari explained that the bonds would be channelled towards funding the 2017 budget while the loan would be used in refinancing maturing domestic debts.

Based on the Senate’s resolution, the Committee on Local and Foreign Debts on October 19 invited the Minister of Transportation, Rotimi Amaechi, and some other members of the executive to explain the benefits of the loan.

Presenting report of the committee, Shehu Sani, Kaduna-APC, said the projects listed for the loan would stimulate economic development and create direct and indirect jobs for Nigerians.

He added that the $2.5 billion will create more borrowing space for the private sector.

https://www.premiumtimesng.com/news/top-news/249328-breaking-senate-approves-buharis-5-5-billion-foreign-loan-request.html

obj wiped our debts....pmb wan kill us with debt

16 Likes 1 Share

Re: Senate Approves Buhari’s $5.5 Billion Foreign Loan Request by NwaAmaikpe: 12:30pm On Nov 14
shocked

The future of this country has been irredeemably mortgaged.


Who will pay back these loans?
Where will these loans be paid back from?

17 Likes 2 Shares

Re: Senate Approves Buhari’s $5.5 Billion Foreign Loan Request by benedictnsi(m): 12:30pm On Nov 14
Kleptocratic government...... Thieves....

8 Likes

Re: Senate Approves Buhari’s $5.5 Billion Foreign Loan Request by NgeneUkwenu(f): 12:31pm On Nov 14
The Senate Has disappointed us, the ipob yoots! we must recall them.

1 Like 3 Shares

Re: Senate Approves Buhari’s $5.5 Billion Foreign Loan Request by GavelSlam: 12:31pm On Nov 14
Good.

Greater things ahead for Nigeria.

4 Likes 1 Share

Re: Senate Approves Buhari’s $5.5 Billion Foreign Loan Request by three: 12:31pm On Nov 14
That's all folks!

Buhari is too old to experience the pains of paying back this loan.

Most of those who voted him are/were too young to realise that all the fake promises made will have a cost.

Today's youth will be in their twilight years explaining to their children and grand children how they voted for Buhari because they were so emotionally saddled with kicking a corrupt goverment out that they couldn't find a COMPETENT alternative and thus why they (children and grand children) have to pay back loans.

PS if you really think moneys from foreign loans will be used to create authentic jobs and build infrastructure in the penultimate year to an election good luck.

12 Likes

Re: Senate Approves Buhari’s $5.5 Billion Foreign Loan Request by IgboticGirl(f): 12:32pm On Nov 14
grin grin grin grin
Re: Senate Approves Buhari’s $5.5 Billion Foreign Loan Request by victop11(m): 12:32pm On Nov 14
I hope Nigeria won't be bought o... God bless Nigeria

1 Like

Re: Senate Approves Buhari’s $5.5 Billion Foreign Loan Request by Kondomatic(m): 12:32pm On Nov 14
Mr. Buhari explained that the bonds would be channelled towards funding the 2017

3 Likes

Re: Senate Approves Buhari’s $5.5 Billion Foreign Loan Request by netoc65(m): 12:32pm On Nov 14
cry




Election money don complete grin

3 Likes

Re: Senate Approves Buhari’s $5.5 Billion Foreign Loan Request by opera1(m): 12:32pm On Nov 14
I hope we All feel d impact positively.

1 Like 1 Share

Re: Senate Approves Buhari’s $5.5 Billion Foreign Loan Request by aolawale025: 12:32pm On Nov 14
The real challenge is to find the lender and meet its conditions. That's where it's not possible to scale thru via politics but economic polices
Re: Senate Approves Buhari’s $5.5 Billion Foreign Loan Request by Dizu(m): 12:33pm On Nov 14
Operation share the money

3 Likes

Re: Senate Approves Buhari’s $5.5 Billion Foreign Loan Request by GavelSlam: 12:33pm On Nov 14
NwaAmaikpe:
shocked

The future of this country has been irredeemably mortgaged.


Who will pay back these loans

The USA, UK, France owes in the trillions please tell us who would repay those debts.
Re: Senate Approves Buhari’s $5.5 Billion Foreign Loan Request by SOFTENGR: 12:33pm On Nov 14
Who said PMB has not achieved?

This is definitely one of his achievements...wating for Garba Shehu n Adeshina to speak

1 Like

Re: Senate Approves Buhari’s $5.5 Billion Foreign Loan Request by Oxster(m): 12:34pm On Nov 14
Just negodu

Re: Senate Approves Buhari’s $5.5 Billion Foreign Loan Request by Cajal(m): 12:35pm On Nov 14
Looting begins.....

1 Like

Re: Senate Approves Buhari’s $5.5 Billion Foreign Loan Request by bishopkay: 12:36pm On Nov 14
Another money that would be looted, stacked in apartment houses, used to cut grass and shared by the nnpc board and presidential cabinet.. .
Kwantinu.

For the idiots applauding this move, kindly note it took over 15 years to get out of the debts IBB put Nigeria into. Means your children and probably children's children would pay these loans been borrowed indiscriminately

3 Likes

Re: Senate Approves Buhari’s $5.5 Billion Foreign Loan Request by AkupeMBANO(m): 12:36pm On Nov 14
Lmao looting continues

1 Like

Re: Senate Approves Buhari’s $5.5 Billion Foreign Loan Request by AFONJAPIG(f): 12:36pm On Nov 14
borrow borrow Government, the kind dept this duara dullard will plunge us only time will tell .....

3 Likes

Re: Senate Approves Buhari’s $5.5 Billion Foreign Loan Request by princetom1(m): 12:39pm On Nov 14
GavelSlam:


The USA, UK, France owes in the trillions please tell us who would repay those debts.

So it's a good thing to owe?

In reality, this is very different to compare, over there, they do it with clear vision and plan and the impact is seen and felt bt over here... We knows how it all end...

4 Likes

Re: Senate Approves Buhari’s $5.5 Billion Foreign Loan Request by bishopkay: 12:41pm On Nov 14
GavelSlam:


The USA, UK, France owes in the trillions please tell us who would repay those debts.

Would you compare Nigeria to the countries you mentioned in terms of accountability, development and governance?

Why sane minds would always complain about such loans is because we know the country and it's disjointed and thieving cabal all united under the looting umbrella!

This government has collected other loans and governments before it; where's the results of those loans on Ground or how has it affected the life of the average Nigerian?

6 Likes 1 Share

Re: Senate Approves Buhari’s $5.5 Billion Foreign Loan Request by Qyubee(m): 12:42pm On Nov 14
Good one from the senate! looking forward to the opportunities that this brings.
Re: Senate Approves Buhari’s $5.5 Billion Foreign Loan Request by 9jakohai(m): 12:43pm On Nov 14
three:
That's all folks!

Buhari is too old to experience the pains of paying back this loan.

Most of those who voted him are/were too young to realise that all the fake promises made will have a cost.

Today's youth will be in their twilight years explaining to their children and grand children how they voted for Buhari because they were so emotionally saddled with kicking a corrupt goverment out that they couldn't find a competent alternative and thus why they (children and grand children) have to pay back loans.

So what is the alternative then?

Oil, our major earner is at $60 per barrel. We need it to be at $120 per barrel to meet daily obligations without borrowing. And even at high oil prices, GEJ borrowed.

The alternative is that we raise taxes to as high as 50% of your earned income, remove subsidies, restrict spending to power, technical education and transport, increase school fees , power bills, deregulate the oil downstream sector to as much as selling fuel for n200 PER LITER, and so on.

And even then , we still have to take loans.

I agree that this govt is lacking ideas....coherent ideas....but just don't critique for the fun of it.
Re: Senate Approves Buhari’s $5.5 Billion Foreign Loan Request by condralbedez: 12:43pm On Nov 14
hmmm
Re: Senate Approves Buhari’s $5.5 Billion Foreign Loan Request by three: 12:46pm On Nov 14
9jakohai:


So what is the alternative

Sadly, no real alternative on this specific issue. The Nigerian "establishment" has been manipulating the masses from day one.

We need to at the very least break that cycle of manipulation TODAY in anticipation of stellar leadership in 2019.

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