$29.96B FOREIGN LOAN: FG leaves out South East in projects

In what appears a further marginalisation of the South East zone, the Fed­eral Government has left out the region in projects which President Muhammadu Buhari plans to execute with the pro­posed $29.960 billion infra­structure loan.

A breakdown of how the loan would be spent on infra­structure between 2016 and 2018 shows that none of the projects contained in the gov­ernment’s document is locat­ed in the South East geo-polit­ical zone.

President Buhari had on Tuesday asked the Senate to ap­prove the loan from multilater­al financial institutions to ena­ble his administration execute critical infrastructure and oth­er social intervention initiatives across the country.
The Finance Ministry said the $29.960 billion loan is de­signed to address infrastructure deficit in the country.

But in a statement released to journalists on Thursday on the projects to be funded by the loan, there was no single infra­structural project allocated to the South East - an area most acutely hit by poor infrastruc­ture and an acute shortage of various social amenities.

According to the statement, issued by the Special Assistant to the Minister of Finance on Media,[b] Mr. Festus Akanbi, in­frastructural projects are allo­cated $18.3 billion.

The projects to be em­barked upon are the Mambil­la Hydro Electric Power Project ($4.8 billion), the Moderni­sation Coastal Railway Pro­ject (Calabar-Port Harcourt-Onne Deep Sea Port Segment) valued at $3.5 billion and the Abuja Mass Transit Rail Project (Phase 2) put at $1.6 billion.

Others are the Lagos-Kano Railway Modernisation Project (Lagos-Ibadan Segment Dou­ble Track) estimated at $1.3 bil­lion and the Lagos-Kano Rail­way Modernisation Project (Kano-Kaduna Segment Dou­ble Track) valued at $1.1 bil­lion.

The balance of $11 billion will be expended on Eurobond ($4.5 billion), Federal Govern­ment Budget Support ($3.5 bil­lion), Social Support for Educa­tion and Health ($2.2 billion), Agriculture ($1.2 billion), and Economic Management and Statistics ($.2 billion).

According to the statement, the borrowing has a three-year plan covering proposed pro­jects for 2016-2018 and is ex­pected to be phased over the three year period.[/b]

The ministry said that the borrowings are highly conces­sional (non-commercial), with low interest rates and long ten­ors.

The Federal Government affirmed that the funding is being sought from multilateral institutions such as the World Bank, the Africa Development Bank (AfDB), the Islamic De­velopment Bank (IDB), Japan International Co-operation Agency (JICA) and the China Exim Bank.

The planned Eurobond is­suance in the international capital markets, the statement pointed out, is the only com­mercial source of funding.

But when The AUTHOR­ITY contacted Akanbi on the apparent omission of the South East on the project allocation, he said that the loan has noth­ing to do with regional consid­eration. He said that the gov­ernment would still reflect all the regions in the 2017 Budget.

Akanbi said: “I don’t have an answer to your question. This is just a Federal Govern­ment thing that was presented today. It’s not a regional thing. There are other projects like ag­riculture.
“These are strategic things just like intervention for three years’ programme. That does not stop the Federal Govern­ment from planning for all the regions next year and in the 2018 budget. It’s just for sup­port. It’s not the main thing, just an ad-hoc initiative.

“The government is going to sit down and work on the 2017 budget and all the regions will be covered. It has nothing to do with regions. These are specific projects on ground”.

http://www.authorityngr.com/2016/10/$29-96B-FOREIGN-LOAN--FG-leaves-out-South-East-in-projects/

It's obvious this government has a scripted plan to marginalize and strangle Igbos to death. What these mofos don't understand is the more you marginalize Igbos, the more successful they get to be.

South East - an area most acutely hit by poor infrastruc­ture and an acute shortage of various social amenities.

Where are Ibos? You guys believe this?
This cant be true account judging from claims of SE being the best developed region in Nigeria.


Chuku okike obioma!

The northerners will soon come in to remind us that South East isn't as big as Niger or katsina and kwara together. Buhari, why? ?

That's disappointing if true.

Unfortunate i'd say

Why is the north east and north central not captured!!we will not accept

Beremx what do you have to say since you voted in a government that despise your people

Stupid government. Still ruling based on the mathematically incorrect 97% and 5% principle.

aminho:
Why are the northeast and north-central not captured!!we will not accept

I believe Mambilla Power Project is located in Taraba which is in North East and for North Central, Abuja cover them.

Mtscheeeew.

After all the sensational media frenzy reports of the recovered stolen loots,this hopeless government kept on mortgaging Nigeria's future by unscrupulous borrowings since the proposed sales of national assets have backfired.

EternalTruths:
Beremx what do you have to say since you voted in a government that despise your people

She have since given up hope on this government.

Buhari further marginalising and causing disunity in the country!

Buhari

We igbos are not surprised at all. No be buhari again? Anyways we igbos will keep developing our south east gradually. Igbos are blessed.

Nigeria is a zoo,South East is a biafran region.
So why should Nigeria care about a biafran region when its zoo is still underdeveloped.
#NoApologies

Clinton9000:
It's obvious this government has a scripted plan to marginalize and strangle Igbos to death. What these mofos don't understand is the more you marginalize Igbos, the more successful they get to be.

Nobody is marginalizing igbos but instead they are the architect of their own marginalization and inferiorty due to their greedy acts. They benefited most during the GEJ era so they shouldnt be pissed off if they aint benefiting in this current administration. And besides they never gave buhari any form of support during the last election so whats the fuss.

What happened to all the billionaires in Biafra?

South East is Biafra.... they should prepare the worst is yet to come.

Just like Mr Festus Akanbi has said nobody shd attach any ethnic or regional colouration to these. The key infrastructures needed is what the FG wants to address with the loan.

Bro this are infrastructure the investors has decided to sponsor... What did middle belt get? ?

At least we will get aba included in the Lagos calabar railway

Lets negotiate a better stand in 2019..

Luukasz:
Nobody is marginalizing igbos but instead they are the architect of their own marginalization and inferiorty due to their greedy acts. They benefited most during the GEJ era so they shouldnt be pissed off if they aint benefiting in this current administration. And besides they never gave buhari any form of support during the last election so whats the fuss.

Since when did voting a candidate become a criteria for receiving your rights.
Is buhari doing the development with his personal money or our collective wealth?
As he seeks to exempt igbos in all his development plans,does he exclude them too from all taxes and fees. Go to the ports which is about the highest revenue earner for the govt and see that igbos pay about 85percent of the duties.
So what is the beauty of democracy if we all must align behind one candidate.
There were some archaic rubbish that was unheard of in past govts and modern democracy that has reared its ugly head in buhari's govt but the annoying thing is while the likes of buhari is excused because he's a myopic and outdated illiterate,educated and enlightened people like you will be supporting him and urging him on because of your tribal hatred and bigotry against a people whom God has blessed.

Time for South East to start shouldering her responsibilities. Remove your eyes from a Federal Government that does not hide its ill-feelings towards you.

The younger generation should stand up and reject this bill.
They have listed what the loans will be used(though we know they lack integrity to fulfill that) but they havent told us how they plan to repay it.
They just want to collect the billions and settle their generations yet unborn while we and our kids continue to pay for it.
They are literally mortgaging our future and we are too sentimental to see it.
What happened to the trillions they claim they have recovered from TSA? What happened to the trillions they claim they got from diezani?
Lets stop being fooled by these wicked occultic old men running this country?

We all know SS and SE are ONE indivisible entity...

the Moderni­sation Coastal Railway Pro­ject (Calabar-Port Harcourt-Onne Deep Sea Port Segment) valued at $3.5 billion

Isn't this project in the SS/SE?

yawns, Nigeria is a big mess, when will the Igbo's stop all this foul cry

mrvitalis:
Bro this are infrastructure the investors has decided to sponsor... What did middle belt get? ?

At least we will get aba included in the Lagos calabar railway

Lets negotiate a better stand in 2019..

Whoever you are, you are the worst evil ever live...I fear for those around you...may God protect and save those around you from your evil...

Simply confirms some information that I got recently anyways, on this I blame/expect the South eastern lawmakers and governors and I expect them to come out with a vocal position on this matter

truefact:

Whoever you are, you are the worst evil ever live...I fear for those around you...may God protect and save those around you from your evil...

If saying the truth makes me evil fine no problem

This is politics we lost and naturally we shouldn't expect much.. . And i dont really see any project the south east would habe gotten here.... maybe Port Harcourt madugiri rail as for the coal power plants.. . Madam kemi (we all abuse) is fighting to get loan.. No body will sponsor it cos it is not green. .. U need to read without sentiments please

Who cares! Useless 5percentile, let them go and die!
*Modified
Chai! I don chop insult on top this comment today!
I was pissed off by some easterners supporting corruption vehemently! Anyway I apologize is I came up insultive.