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.

true sir.

But you need to consider the time this country got its independence and started operating a "nearly" functional democratic government.

so I think we will get there but gradually.

meanwhile

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

mabilla is the new ajaokuta.

Mehn, nigeria is wonderfully blessed with awful leaders.

A loan that was applied for and approved 2 years ago, that news report is presenting as if it is a future loan request. *SMH* @ Nigerian journalists! This misleading title should rank as fake news, after all many people only read the title of news stories.

Lol. People like you should b in a country with me! You hv a cow brain

Pmb has borrowed more than 12b. Hi cow, how do you pay back? Which year will you ?

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

You lie! Dubai used 16years to develop! Don’t make excuse for failure unless ur one!

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.

Another loan? I am seeing a situation where China will come to claim Nigeria in return for the pay back of the money they borrowed to Nigeria.

GenBuhari:
A loan that was applied for and approved 2 years ago, that news report is presenting as if it is a future loan request. *SMH* @ Nigerian journalists! This misleading title should rank as fake news, after all many people only read the title of news stories.

Ask Thisday that wrote the news!

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

God punish u there

This people go use south west do collateral to china one day.

Codes151:
Lol. People like you should b in a country with me! You hv a cow brain

Pmb has borrowed more than 12b. Hi cow, how do you pay back? Which year will you ?

U mean any of your family member who voted for pmb is a cow

The loans keep piling
who's going to pay for all this ?
We and our children in the not too distant future
I don't even trust Chinese
those people are slowly using debt to enslave Africans
Apc in 5 yrsgovernment has borrowed 3x what PDP borrowed in 16yrs

helinues:
All this loans now? Who is going to pay for them?

Unborn generation?

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

This answer should satisfy your zombie-buharist leanings...

freeze001:




This answer should satisfy your zombie-buharist leanings...

The one your brother's took, who will pay it. You think you are wise. Few months ago, someone told me to leave APC and come to PDP that Buhari is a failure and that I should support and vote for atiku, I then asked him who he was supporting for the Senate and he told me the same PDP candidate who did nothing for four years. It became clear that PDP wasn't really looking for a better Nigeria but for only PDP to be in power

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.

exactly bro

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's not that 5 billion dollars seems cheap.its that the 20 billion dollars was spent mostly on corruption.

Ethiopia recently spent 6 billion dollars to make a dam generating 6450 mega watts.

Meanwhile 20 billion dollars could get us merely 1000 me because of corruption.


That's why buhari once talked about probing obasanjo because it's so obvious that the 20 billion dollars was embezzled.

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

oga speak for urslf, he has ur approval.

U guys are just buhari butt lickers


Give buhari a decade he won't fix this country, it's just the simple truth.

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

I weep for u.

Nanorest:


The one your brother's took, who will pay it. You think you are wise. Few months ago, someone told me to leave APC and come to PDP that Buhari is a failure and that I should support and vote for atiku, I then asked him who he was supporting for the Senate and he told me the same PDP candidate who did nothing for four years. It became clear that PDP wasn't really looking for a better Nigeria but for only PDP to be in power

The same PDP (Obasanjo/Atiku/Iweala) got debts cancelled. Jonathan in 5 years did not do as much damage as APC has now done and keeps doing. If PDP needs to get back to arrest this free fall into indebtedness and insolvency then all sane Nigerians should be clamouring for same. Obviously, APC has no blueprint for leadership and and only sought power to access/loot public funds while justifying their failures with '16 years of PDP'! Rather than worsen the situation, I'd rather the status-quo as at 2015 be maintained and improved upon by same party/persons as they grow.
I hope you remember that Buhari has successfully incurred another $9billion judgment debt?

GenBuhari:
A loan that was applied for and approved 2 years ago, that news report is presenting as if it is a future loan request. *SMH* @ Nigerian journalists! This misleading title should rank as fake news, after all many people only read the title of news stories.

Read well! The FEC/FG approved the contract and terms which indicate that until a formal loan request is made by Nigeria, it will not be implemented. That formal request has just been made. At the time the contract was signed, the Chinese expected to commence early 2019 but that has not happened because the formal loan request has only just been made and was not done in 2017 when the contract was approved or even in 2018.

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.

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

Since you have decided to become stupid, why rope every Nigerian in?

Learn to speak for yourself

So on what basis was the 2017 contract signed? I thought as at then there was already a loan agreement in place.

I am certain the loan agreement had been factored into the contract as at the time it was signed but there is a requirement for Nigeria to make a formal request for that loan. I assume that this would have been predicated on the readiness of Nigeria to pay its 15% counterpart fund in line with the agreement before the Chinese disburse funds to contractors and work can commence. Nigeria is notorious for stalling or reneging on counterpart funding so I guess this is some kind of safety measure to ensure that funds are fully committed by both parties.

COMPAQ:
So on what basis was the 2017 contract signed? I thought as at then there was already a loan agreement in place.

This people want to sale this country finally to the Chinese !!

You are correct. But headlines still misleading in the sense that the loan request is mere formality given the Chinese have just awaiting a go ahead date and maybe release of at least part of counterpart funding, to commence construction.

freeze001:


Read well! The FEC/FG approved the contract and terms which indicate that until a formal loan request is made by Nigeria, it will not be implemented. That formal request has just been made. At the time the contract was signed, the Chinese expected to commence early 2019 but that has not happened because the formal loan request has only just been made and was not done in 2017 when the contract was approved or even in 2018.

You leaders have sold you to the Chinese, you think the European colonization was bad but you ain't seen nothing yet.

this APC led government is gradually sending NIGERIA to an early grace

None.

Nanorest:


U mean any of your family member who voted for pmb is a cow

But one Africa country recently built 8000mgws with lesser Amount... LAS LAS Nigeria is a scam