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landis (m)
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Nigeria has $60billion external reserve. So whats justification to go and borrrow $390mil from World Bank? what sort of people runing this country??   THE World Bank has approved $390 million (N45 billion) credit facility to support the Federal Government's road sector reform programme.
The World Bank Country Director, Mr. Onno Ruhl, disclosed this yesterday in Abuja at a workshop on "Road sector reform: The way forward", organised by the Ministry of Transportation in collaboration with the Bureau of Public Enterprise (BPE).
According to him, $330 million of the facility would mainly support the Federal Government in the introduction of long-term performance-based contracts under the Federal Roads Development Project.
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blacksta (m)
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Dear friend do you not know that the 60 billion is just a mere figure and doesn't exist. I would not be suprised in about couple years we back in debt like the former. We are run by people who don't understand economic principles a bunch stark idealess morons that we call leadership and you can gurantty two thirds of the money will be gazumped
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abdurrazaq (m)
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Welcome to another season(s) of debts.  |
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Blatant
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We have to be a completely mad Nation with the way we run our country.
What are they doing with the extra revenue from oil?
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chikeze (m)
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i weep for this our country  |
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Method-Man (m)
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They have okayed another massive amount of money for our thieving politicians, government officials, ministers, senators and leaders to LOOT
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Tayogeorge (m)
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First Poster landis | Last post by Method-Man They have okayed another massive amount of money for our thieving politicians, government officials, ministers, senators and leaders to LOOT These men don mess up since, and den go continue to dey mess-up, with this amount of money for road? naija road go still be the best most unsecure road in the world, talk another thing jare, We need FIB to know weather changes go come small, World Bank dey involve naija every time, those men go harmmer again http://www.nairaland.com/nigeria/action-profile/sa-showPosts |
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chidichris (m)
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our aso rock is full of purposeless people. a man who does not have any intention of been a president was picked over night and made a president so what magic do we expect from such person.
obj had the same problem when he was brought out of prison and made president.
at the end of a confused year, he is out for loan of which his mentor(obj) just paid yesterday. one will be forced to ask what is the relationship between the last administration and the present since the last pick this current.
my fear here is not getting the billions from world bank, rather my fear goes to the ares of utilizations. let it not be that the money from petrol is not longer enough to enrich their foriegn accounts hence the need for this loan.
the same obj that paid to secure the consent of the whole world over his inordinate ambition to be a life president is still the contoller of nigeria and he is turning back to get the paid debts in form of a fresh loan.
prayers will only be the solution because they don't do their things for the same reason they tell us.
can we live to see a nigeria with good raods and power supply? that will be the dream of many of us.
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damoche07 (m)
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Hi guys.
Dont lets get too emotional about the announcement. Read the details first after which u can voice your opinion. I havent seen the details. I just read the headlines but i must confess that the headline is omimous.
Anybody out there with details?
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Ujujoan (f)
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Is this really necessary?? |
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landis (m)
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Hi guys.
Dont lets get too emotional about the announcement. Read the details first after which u can voice your opinion. I havent seen the details. I just read the headlines but i must confess that the headline is omimous.
Anybody out there with details?
what other details do you need? You have $60bil and you went borrowing $360mil. what sense is in that? |
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bilymuse
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after 4 years, you can be sure that the sun will rise, the Nigerian road will be worst than it was before. And nobody will be able to account for how the money was spent. for further information ask Tony annenih, who is a expert in transportation and abandoned projects.
forget about the external reserve, the figure does not matter; 100 , 500, 1 million billion, it all numbers. Nigeria operate as a destitute country, rated one of the poorest in the world. for every penny generated in Nigeria, there is a percentage that must be mismanaged. be it loan, reserve, oil.
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Ibime (m)
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what other details do you need?
You have $60bil and you went borrowing $360mil.
what sense is in that?
Yeah, but you don't know if the $60b is there to to be used to fight inflation, control interest rates, control the value of the Naira, provide insurance for bonds or to back other liabilities etc. Reserves are used for many things, not just to pay for stuff you need. |
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Ibime (m)
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We need to find out the details first befor we get arried away
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Dis Guy
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Dear friend do you not know that the 60 billion is just a mere figure doesn't exist. I would not be suprised in about couple years we back in debt like the former. We are run by people who don't understand economic principles a bunch stark idealess morons that we call leadership and you can gurantty two thirds of the money will be gazumped
and it is very obvious many of the citizens don't understand economic principles as well. there a big difference between individual having more then borrowing more and countries doing the same even rich co-operations borrow money to finance their business. |
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akpanbaba
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IN NIGERIA,YOU CLEAR THE MESS TODAY SO THAT YOU HEAP ANOTHER MESS.OBJ CLEARED THE MESS OF FOREIGN DEBT SO THAT YARA DUA CAN HEAP ANOTHER MESS.WE ARE MOVING TOWARD PRE-1999.GOD MUST HELP US
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landis (m)
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even rich co-operations borrow money to finance their business. Borrow from Who? World Bank? IMF? Reserves are used for many things, not just to pay for stuff you need. and borrowing $390mil you think its INTEREST FREE? |
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Ujujoan (f)
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Nigerians need to change their mentality drastically. Imagine judging an administration based on the irresponsibilities of its predecessor. Don’t you’all think it’s a little too early to castigate? All we need is a proper debt management system, who we obtain the debt from is absolutely unnecessary
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Dis Guy
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Borrow from Who? World Bank? IMF?
and borrowing $390mil you think its INTEREST FREE?
you think govts borrow money from high street banks? he minister explained that in line with the Federal Government‘s approved borrowing policy, the credit would be secured from the IDA as a soft loan window of the World Bank Group.
He said, “The IDA credit is a highly concessional facility with repayment period of 40 years, including 10 years moratorium. Interest rate to be charged is zero per cent”
The project is to be implemented by the Federal Ministry of Transportation. punch |
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Arnold1 (m)
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Nigerians need to change their mentality drastically. Imagine judging an administration based on the irresponsibilities of its predecessor. Don’t you’all think it’s a little too early to castigate? All we need is a proper debt management system, who we obtain the debt from is absolutely unnecessary
That's a good point you made there (in bold). |
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landis (m)
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He said, “The IDA credit is a highly concessional facility with repayment period of 40 years, including 10 years moratorium. Interest rate to be charged is zero per cent” You think Oyinbo man will give money for 40YEARS without making money back from it? Go and ask those 'subprime people' in US; BROKERS told them you don't have to pay but what they did not tell them is compund interest starts in 5yrs. |
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landis (m)
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The project implementation period is eight years and the expected date of effectiveness is July 28, 2008. It has a repayment period of 40 years with a 10-year moratorium and a zero charge interest rate.
In addition, it has a commitment charge of not more than 0.50 per cent per annum on the undisbursed amount while a service charge of 0.75 per cent is also payable on the amount drawn down. so what does this amount to?? what are they not tell us? |
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