To be candid Jonathan did not do well that is why I can't blame people voted buhari because Jonathan had failed in all ramification of life but still buhari is a disaster but Jonathan really f****** big time there is no doubt about that the corruption under Jonathan was so huge nobody can doubt that but I thought Buhari would come with change as he was ranting it change, change, but he came with bad luck he came with empty brain that is why Nigeria did not move forward but to say Jonathan did well that means you're fooling yourself

kayusely70:
CCTV installed in Abuja but were allegedly later vandalized by hoodlums.

but we were told Abuja does not have agbero.

chukxie:


Did the Chinese aporoach stupid Nigeria and other Africa countries taking unnecessary Chinese loans to come take loans? Were the loans forced down the throats of Nigeria? Our leaders flew to China to beg for loans for projects Nigeria has the money to execute in the first place. I'm neither an economist nor a financial expert but common sense tells me Nigeria has enough money to execute any projects it wants. Borrowing isn't a problem per se, every country borrows, even mighty America borrows. The difference however is that while progressive countries utilize loans judiciously because in such countries accountability matters a lot, our leaders pocket a huge chunk of the loans for their own personal use. So, bro, do not blame China for the mistakes, miscalculations of your leaders.

That's simplifying it. China's predatory loans are well known and they purposefully engage in debt traps with the hope of securing national assets in countries around the world.

Is it the fault of stupid leaders ? Absolutely! China knows the leaders in many poor countries are corrupt and cannot afford money for infrastructure projects. They also know that infrastructure is an easy way to win votes so they give money to these countries for large infrastructure projects which allows politicians to boast about their achievements and win votes.

Now let's examine the actual loans. The US and other countries absolutely borrow money but they do so by borrowing from national banks and issuing government debt certificates held by private investors. The government then hires American companies to carry out the projects it borrows money for thus giving money back to the economy and boosting their gdp and tax revenue.

Meanwhile when African countries borrow from China they are able to obtain loans at a lower interest rate than what investors are willing to accept (about 5% vs the 13% on Nigerian govt debt securities). They are also able to borrow much more than they can from the world bank although they have to do so at 5% instead of the 1% required by world financial institutions and without social and human rights requirements. China doesnt care if you're a dictator or doing genocide, they will still give u loans

On the face of it this seems good but chinese loans come with strings attached. The first is that chinese companies must be contracted for the projects which will use chinese materials and laborers to build these projects. As such the money goes from chinese state owned banks to chinese companies and people. They use few local laborers but mostly their own people. To the point where Pakistan had to build an entire separate city for rhe chinese laborers in their country and Pakistanis aren't allowed to live there.

The loans now pay chinese companies and laborers. Additionally the country has to now pay back the loan in dollars to China thus allowing their banks to earn a profit as well. Thus they're basically paying themselves money and making money from the country they gave the loan to. Even though the rate of interest is lower, the money is lost from the country's economy because it was paid to chinese companies. The only thing the country gains is the infrastructure project but infrastructure projects alone don't boost an economy. You need solid economic policies to do so. Additionally if a country finds itself unable to pay back the debt china will cease the asset its loans helped build. Kenya is on the verge of losing it's Mombasa port and china has already seized assets from Sri Lanka and Malaysia. Many asian countries have started to turn against chinese loans.

Fallenhunter:


That's simplifying it. China's predatory loans are well known and they purposefully engage in debt traps with the hope of securing national assets in countries around the world.
[b]
Is it the fault of stupid leaders ? Absolutely! [/b]China knows the leaders in many poor countries are corrupt and cannot afford money for infrastructure projects. They also know that infrastructure is an easy way to win votes so they give money to these countries for large infrastructure projects which allows politicians to boast about their achievements and win votes.

Now let's examine the actual loans. The US and other countries absolutely borrow money but they do so by borrowing from national banks and issuing government debt certificates held by private investors. The government then hires American companies to carry out the projects it borrows money for thus giving money back to the economy and boosting their gdp and tax revenue.

Meanwhile when African countries borrow from China they are able to obtain loans at a lower interest rate than what investors are willing to accept (about 5% vs the 13% on Nigerian govt debt securities). They are also able to borrow much more than they can from the world bank although they have to do so at 5% instead of the 1% required by world financial institutions and without social and human rights requirements. China doesnt care if you're a dictator or doing genocide, they will still give u loans

On the face of it this seems good but chinese loans come with strings attached. The first is that chinese companies must be contracted for the projects which will use chinese materials and laborers to build these projects. As such the money goes from chinese state owned banks to chinese companies and people. They use few local laborers but mostly their own people. To the point where Pakistan had to build an entire separate city for rhe chinese laborers in their country and Pakistanis aren't allowed to live there.

The loans now pay chinese companies and laborers. Additionally the country has to now pay back the loan in dollars to China thus allowing their banks to earn a profit as well. Thus they're basically paying themselves money and making money from the country they gave the loan to. Even though the rate of interest is lower, the money is lost from the country's economy because it was paid to chinese companies. The only thing the country gains is the infrastructure project but infrastructure projects alone don't boost an economy. You need solid economic policies to do so. Additionally if a country finds itself unable to pay back the debt china will cease the asset its loans helped build. Kenya is on the verge of losing it's Mombasa port and china has already seized assets from Sri Lanka and Malaysia. Many asian countries have started to turn against chinese loans.

Knowing Chinese loans are analogous to Greek gifts, why do the Nigerian government, and that of some African countries still seek for Chinese loans? If I learnt that eating a certain kind of mushroom would kill me, I'd best stay away from it. Right? So question is: Why are our leaders bent on getting Chinese 'debt trap' loans knowing the adverse ramifications of such loans? Again, I say, DO NOT blame the Chinese for the rudderlessness and unfathomable stupidity of our leaders.

Absolutely ridiculous...

kayusely70:
CCTV installed in Abuja but were allegedly later vandalized by hoodlums.

I guess you understand the meaning of allegedly?

Thank God for saving us from d hand of dis buffoon.

chukxie:


Knowing Chinese loans are analogous to Greek gifts, why do the Nigerian government, and that of some African countries still seek for Chinese loans? If I learnt that eating a certain kind of mushroom would kill me, I'd best stay away from it. Right? So question is: Why are our leaders bent on getting Chinese 'debt trap' loans knowing the adverse ramifications of such loans? Again, I say, DO NOT blame the Chinese for the rudderlessness and unfathomable stupidity of our leaders.

I agree with you that some African leaders are stupid and corrupt and dint care about their countries but I was merely saying that the Chinese are also to blame for their amoral vult scavengerism, taking advantage of countries with weak public institutions and corrupt leaders with little foresight to pick at the carcass of those countries economies.

Afamed:

I guess you understand the meaning of allegedly?

That was the reason they gave nigerians true or false i dont know