We should loan Nigeria out to China for at least 20 years. Useless politicians

inside life

are you sure this article is not copy and paste bcuz they keep repeating line .b4 u quote me read n see

Nanorest:
I trust buhari to utilize the funds very well. You have the approval of the majority of Nigerians

as they utilized $1b dollars they removed from government cover for insurgencies

Does this mean that the Nigerian government has not fully privatized the generation section of the electricity?

Does it mean that government will operate the plant when built?

If they decide to privatise it after it is fully operational, will they sell it to their friends (and family members) at give away price while the people of Nigeria keep paying the debts and still be paying for the electricity?

It will be helpful if Nigerians have understanding of what the government is doing

DMerciful:
This Mambila seems like a never ending story.... a blackhole for collecting loans upandan!

Ma broda b small na almost every year we dey hear loan for mambila na wao

Festiko:
How did we get here? The contract will be executed by Chinese company, the loan paid directly to the company. Heiii, Nigeria has gone to the dogs. Who supervises the job? Who quantifies they materials? Who approves the expenditures? China will soon buy Nigeria

I get ur point.. but 5billion for 5000MW plant seems too cheap for me...we have spents almost 20 billion dollars (especially during obasanjo era) developing only 6000 MW....that amount of money for mambilla dam is absolutely cheap

Kelgabriel5:
I watched a tvc documentary on it last month and I was disappointed to hear DAT obj and Atiku has huge farms and herds of cattle settlements around there

I think only Abacha never had a farm.
Abdulsalam, Buhari, OBJ, Atiku, etc all have cattle farms.

martineverest:
I get ur point.. but 5billion for 5000MW plant seems too cheap for me...we have spents almost 20 billion dollars (especially during obasanjo era) developing only 6000 MW....that amount of money for mambilla dam is absolutely cheap

That's because we were ruled by thieves and looters in cursed party called Pdp. The Lekki bridge is longer than the 2nd Niger bridge. Go and check the differences between the prices.

The Chinese government would finance it and the Chinese engineers would build it. If the engineers dare inflate the price, they would behead them in China.

Orun iwo iwe, omo asan gbese na. We keep on borrowing and yet few are flexing and enjoying the loot and lots of demented youth are shouting Halleluya to defend them. It will not be too long before them go dash us wisdom.
Prior to election, we were told, FG has almost completed its counterpart funding, why the need for $5bn loan, that may find its way to Tradermoni purse. God save Nigeria!

tHOUGH THE LOAN INTEREST IS LOW BUT WHAT SHOULD BE OF CONCERN TO NIGERIANS IS THE CONTINUOUS DWINDLING OF OUR REVENUE. WHEN ARE GOING TO HAVE A BALANCE BUDGET WITHOUT BORROWING? THE NEW MINISTER HAS INDICATED THAT AND GOD WILL GIVE WISDOM!

Hotfreeze:


I think only Abacha never had a farm.
Abdulsalam, Buhari, OBJ, Atiku, etc all have cattle farms.

He did around Kano/Kebbi well fenced and guarded by military then.

Omooba77:

He did around Kano/Kebbi well fenced and guarded by military then.

Lobatan.

FG HABA WHAT IS THIS? You borrow from china to finance your annual budget, you borrow from china to finance projects. Everything you borrow from china. WHAT HAPPENED TO ALL THE RECOVERED LOOT & CEASED ASSETS THIS GOVERNTMENT CLAIMED TO HAVE? WHO PAYS FOR ALL THESE BORROW BORROW LOANS FROM CHINA? MAKE FG NO SELL NIGERIA TO CHINA

The most annoying thing is that the largest chunk of this money will end up in the pockets of some eediots.

Omooba77:
FG Seeks $5bn Chinese Loan for Mambilla Power Project
editorAugust 26, 2019 6:08 Am
Chineme Okafor in Abuja

Nigeria has formally requested for loan from China Exim Bank to build the 3,050 megawatts (MW) Mambilla hydropower generation plant, whose construction was billed to gulp $5.8 billion, THISDAY has learnt.


It was gathered from the officials of the Ministry of Power during a presentation to the new Minister of Power, Mr. Saleh Mamman, and the Minister of State, Mr. Goddy Jedy-Agba, that the Ministry of Finance had applied to China for the loan.

Under the contract financing arrangements, EXIM is to provide $4.93 billion in loan, representing 85 per cent of the capital funding, for the project while Nigeria will provide the balance of $870 million or 15 per cent of the cost outlay.

The Federal Executive Council (FEC) had on August 30, 2017 approved the award of contract for the project to China Gezhouba Corporation, Sinohydro Corporation Limited and CGOC Group Limited.

In November 2017, the then Minister of Works, Housing and Power, Mr. Babatunde Fashola (SAN), signed the contract.

During a state visit to China on September 7, 2018, President Muhammadu Buhari was told by the President of CGCC, the construction company, Prof. Lyu Ze Xiang, that “our target is to commence the project early next year (2019).”





3' 

FG Seeks $5bn Chinese Loan for Mambilla Power Project

editorAugust 26, 2019 6:08 Am

Chineme Okafor in Abuja 

Nigeria has formally requested for loan from China Exim Bank to build the 3,050 megawatts (MW) Mambilla hydropower generation plant, whose construction was billed to gulp $5.8 billion, THISDAY has learnt.

It was gathered from the officials of the Ministry of Power during a presentation to the new Minister of Power, Mr. Saleh Mamman, and the Minister of State, Mr. Goddy Jedy-Agba, that the Ministry of Finance had applied to China for the loan.

Under the contract financing arrangements, EXIM is to provide $4.93 billion in loan, representing 85 per cent of the capital funding, for the project while Nigeria will provide the balance of $870 million or 15 per cent of the cost outlay.

The Federal Executive Council (FEC) had on August 30, 2017 approved the award of contract for the project to China Gezhouba Corporation, Sinohydro Corporation Limited and CGOC Group Limited.

In November 2017, the then Minister of Works, Housing and Power, Mr. Babatunde Fashola (SAN), signed the contract.

During a state visit to China on September 7, 2018, President Muhammadu Buhari was told by the President of CGCC, the construction company, Prof. Lyu Ze Xiang, that “our target is to commence the project early next year (2019).”

However, THISDAY gathered that the project would not have started as scheduled unless the federal government made a formal request for loan to build the $5.8 billion project.

“Under the terms of the contract, China Export Import (EXIM) Bank will provide 85 per cent of the cost, while the federal government is to bear 15 per cent. The 85 per cent to be provided by EXIM is the loan being requested by the federal government. It is a formal request but it does not mean that EXIM bank will hand over the cash to the federal government. The money will be paid directly to the Chinese contractors on behalf of the federal government. But Nigeria has to make a formal request for the loan. Nigeria will also pay her 15 per cent counterpart funding,” a top official of the ministry of power told THISDAY at the weekend.

THISDAY gathered that during the presentation to Mamman and Jedy-Agba, said a team from the China-Exim Bank was recently in Nigeria to appraise the country’s readiness to commence construction of the power plant.

The officials told the new ministers that the Nigerian Sovereign Investment Authority (NSIA) was ready to pay off Nigeria’s counterpart funding in the project through the Presidential Infrastructure Development Fund (PIDF).

 NSIA had said it was appointed as the programme manager of the PIDF, adding it received $650 million from the National Economic Council (NEC).


Nigeria has formally requested for loan from China Exim Bank to build the 3,050 megawatts (MW) Mambilla hydropower generation plant, whose construction was billed to gulp $5.8 billion, THISDAY has learnt.

It was gathered from the officials of the Ministry of Power during a presentation to the new Minister of Power, Mr. Saleh Mamman, and the Minister of State, Mr. Goddy Jedy-Agba, that the Ministry of Finance had applied to China for the loan.

Under the contract financing arrangements, EXIM is to provide $4.93 billion in loan, representing 85 per cent of the capital funding, for the project while Nigeria will provide the balance of $870 million or 15 per cent of the cost outlay.

The Federal Executive Council (FEC) had on August 30, 2017 approved the award of contract for the project to China Gezhouba Corporation, Sinohydro Corporation Limited and CGOC Group Limited.

In November 2017, the then Minister of Works, Housing and Power, Mr. Babatunde Fashola (SAN), signed the contract.

During a state visit to China on September 7, 2018, President Muhammadu Buhari was told by the President of CGCC, the construction company, Prof. Lyu Ze Xiang, that “our target is to commence the project early next year (2019).”

However, THISDAY gathered that the project would not have started as scheduled unless the federal government made a formal request for loan to build the $5.8 billion project.

“Under the terms of the contract, China Export Import (EXIM) Bank will provide 85 per cent of the cost, while the federal government is to bear 15 per cent. The 85 per cent to be provided by EXIM is the loan being requested by the federal government. It is a formal request but it does not mean that EXIM bank will hand over the cash to the federal government. The money will be paid directly to the Chinese contractors on behalf of the federal government. But Nigeria has to make a formal request for the loan. Nigeria will also pay her 15 per cent counterpart funding,” a top official of the ministry of power told THISDAY at the weekend.

THISDAY gathered that during the presentation to Mamman and Jedy-Agba, said a team from the China-Exim Bank was recently in Nigeria to appraise the country’s readiness to commence construction of the power plant.

The officials told the new ministers that the Nigerian Sovereign Investment Authority (NSIA) was ready to pay off Nigeria’s counterpart funding in the project through the Presidential Infrastructure Development Fund (PIDF).

 NSIA had said it was appointed as the programme manager of the PIDF, adding it received $650 million from the National Economic Council (NEC).

NSIA added that the funds have already been disbursed for construction works on Lagos-Ibadan Expressway, Second Niger Bridge, and Abuja-Kaduna-Zaria-Kano Road.

It said that till date, it had disbursed N77.6 billion under the PIDF programme with Mambilla hydropower and East-West Road being the other projects undertaken under PIDF.

The construction of the hydro power project would take approximately six years because of the extensive nature of the scope of work, which include the construction of four dams, one of which is expected to be 150 metres high, another two to be constructed will be 70 metres high while the smallest dam will be 50 metres in height.


The project was initially enmeshed in a legal crisis following an allegation by the local content partner, Sunrise Power and Transmission Company Limited, that some forces within the government circles wanted to sideline it.

But the Director of Legal Services in the ministry, Mrs. Adetutu Soetan, had said the federal government was hoping to vacate a $2.3 billion suit filed against the government by Sunrise Power and Transmission Company Limited (SPTCL).

Soetan said the government had through its legal representatives which include the African Law Firm, the ministry of justice and lawyers from the ministry, made its position on the case known to a London tribunal.

https://www.thisdaylive.com/index.php/2019/08/26/fg-seeks-5bn-chinese-loan-for-mambilla-power-project/amp/

Mambilla is an obsolete power plant with very old n archaic technology n should be scrapped.

5 billion dollars can build us a 8000MW gas turbine

NIGERIAJAGAJAGA:
as they utilized $1b dollars they removed from government cover for insurgencies

Majority approves or did you vote for buhari?

Kelgabriel5:
I watched a tvc documentary on it last month and I was disappointed to hear DAT obj and Atiku has huge farms and herds of cattle settlements around there

Meaning?

must we always borrow?

why cant we dig into our foreign reserve and build this than borrowing.

saintaustine:
The main reason this country is lacking behind is because, things or project that ought to have done as far back as 15 -20 years ago is just been executed, and not just that, we are now borrowing to execute such project, thereby eating into the future of the younger generation.

can't reason beyond party afliation and be objective for one's so that reasonable people will take us serious. Believe me after 8years of Buhari government u find out that this is most corrupt administration Nigeria ever hard. Recovering of looted funds every here and there but na them borrow pass.

edlion57:
Is it not better if we can borrow this country give china

Lmao

Hotfreeze:


That's because we were ruled by thieves and looters in cursed party called Pdp. The Lekki bridge is longer than the 2nd Niger bridge. Go and check the differences between the prices.

The Chinese government would finance it and the Chinese engineers would build it. If the engineers dare inflate the price, they would behead them in China.

haaaa...how can lekki bridge be stronger than 2nd naija bridge....do u even know the construction company must give an estimated time before the bridge starts to fail??..and if the failure occurs b4 that time,the construction company will suffer it?

martineverest:
haaaa...how can lekki bridge be stronger than 2nd naija bridge....do u even know the construction company must give an estimated time before the bridge starts to fail??..and if the failure occurs b4 that time,the construction company will suffer it?

Read my post again.

this government has turned this country into a borrowing country may God save us in this country.

it will better for them to borrow money that they won't be able to pay back so that can pack us into slavery again..

martineverest:
I get ur point.. but 5billion for 5000MW plant seems too cheap for me...we have spents almost 20 billion dollars (especially during obasanjo era) developing only 6000 MW....that amount of money for mambilla dam is absolutely cheap

It Actually quite cheap considering that the fuel source is quite inexpensive..

The Gold standard for even Gas powered plants was $1 billion per 1000mw and is even higher for Hydro electric...

So this is great...

They can borrow from the sea. Shameless people

Very soon China's interest rate go high Nigeria go begin borrow from mayanma Cambodia and Papua New guinea shameless country