The Minority Leader of House of Representatives, Femi Gbajabiamila has advised the Federal Government to explore trade by barter option in its effort to step up military hardware and train military personnel instead of piling up debts for the country.

The APC and Leader of Opposition in the green chamber through a statement issued by his research and media aide, Wasiu Olanrewaju-Smart on Sunday in Abuja expressed dismay at President Jonathan’s penchant for loans when the country has sovereign wealth fund, reserve and excess oil revenue.

He stated that, “the federal government by setting an illegal benchmark has been creaming off about $ 30 per barrel of our crude oil sales which it puts in an illegal excess crude account. If it insists on cash it should reach into that illegal account. Again it also set up the Sovereign Wealth Fund, a component of which it described as future generation account. Well Madam Minister, the Chibok girls represent the future generation, go into that account if you must. Assuming the National Assembly will allow that. But to incur a further $1billion loan at whatever interest rate, that is one loan too many for our future generation to pay off and the answer is a CAPITAL NO!!!”

Gbajabiamila also said, “the request for $1 billion loan by the President after 3trillion Naira allocated to Defence in 3 years with nothing to show for it, it’s evident that the President and his advisers regard Nigerians as imbeciles (which they are not). For sake of clarity an slowpoke is defined as a blockhead or a dunce.”

The lawmaker advised his colleagues in National Assembly to restrain themselves from granting the “perfidious request” and implored the federal government to try exchanging oil for military hardware like other needy countries have done in the past if truly Nigeria has weak military equipment considering the country’s previous budgets for Defence.

“I personally do not think any more cash should pass through government at this time. If indeed more money is needed for the training of our men and women in uniform which I doubt, then we should resort to the time tested trade by barter. This means of commodity exchange continues between countries all over. We can exchange oil for arms if need be.”

“The AL YAMAMAH arms deal between the Saudis and UK wherein a large amount of British military hardware was sold to the Saudi  government for 600,000 barrels of crude oil a day comes to mind. So does the oil for arms deal between China and Venezuela and the deal struck by the US in 2011 when over 80 F15 fighter jets were sold to the Royal Saudi Airforce. The deal included training, logistics and maintenance.”

In Gbajabiamila’s further advise to his colleagues in National Assembly to reasons why they should rebuff any move to plunge the country into another debt and elevate corruption, he listed six posers they must consider before taking a stand on the request of executive.

“Firstly, a comprehensive audit of what has happened to all the money allocated by the National Assembly to Defence in the last 3 years must be done immediately. This must be a condition precedent before a kobo is ever approved again.

“Secondly, we have the MTEF which laid out government expenditure framework for the next 3 years. We must stack this alongside this recent request and see if there is any place for such.

“Thirdly, what was the amount of debt forgiveness or forbearance given to Mohammed Abacha? That amount if any must be stacked against the loan sought to determine whether granting same makes any sense.

“Fourthly, what are the conditions for the loan? What is the repayment schedule and who bears the burden? ( rhetorical question)

“Fifthly, what did the recently held world economic forum in Abuja cost government and what were the economic derivatives for government to now turn around months later to ask for a $1billion loan.

“Sixthly, it was reported that government had set up a forensic audit to investigate the alleged missing $20billion from government coffers. This inspite of the fact that the finance minister whilst disputing the quantum of the money admitted she could not account for 10billion.  Where are we with the investigation?

“These are questions begging for answer and the National Assembly must get clear answers to them before even considering the request not to talk of rejecting it.”

Contenue story-http://www..net/index.php/news-and-current-affairs/news-and-current-affairs-2/269-gbajabiamila-rejects-jonathan-s-1billion-loan-request-to-fight-boko-haram-proffers-alternative

Does gbajamila think that he is talking to normal human beings?
He should remove it from the 2.5 billion dollars contingency funds factored into the national budget but not appropriated for anything.
Your guess is as good as mine,
Even that one has already disappeared .

Gej is a joker
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That's a good arguement though..


He's got a point there, Buhari traded ny barter when he was having a logerhead with the west and it was ok, then.

3rd to comment.

Going to borrow 1 billion dollars Hmm hope it wont grow wings and fly away just like our 20 billion dollars?

booked

#whereIsOurMoney . Still insisting on this 1B loan, who can stop this Gej anyway? I weep for our future

Anyone that say GEJ till 2019 may nature discombobulate that person life like boko haram is destroying the North... Aseee... Iseee

Very cogent Points,in my Opinion. The Government needs to draw up a solid Plan and work with it;not just play Things by the Ear when they come and continue to embarrass the whole Country. If a loan must be taken,then it should be to receive the necessary Equipment direct and pay later,in Cash or Oil,absolutely no more Money than necessary should be allowed to pass through the thieving Hands in the Government.

since the emergence of Boko haram, GEJ had always buggeted 1Trillion Naira ($6billion) for security per year...yet, nothing to show for, as the situation is growing more pathetic.
He's nothing but a crook...Looking for money to campaigne and rig election with or the one to steal as he'll soon leave office!
what about the missing $20billion?

They for approve am before ni...

This people go just dey talk billion naira in hard currency as if say na coins...

Chai..

Diaris God o..

I guess boko harm are now an expensive commodity

#KillThemAll

Good idea

nope, the FG don't want Boko Haram to end

they use it for their political interests

Na boko dem wan use hammer now?

GEJ till Jesus comes, or
GEJ till May 29th, 2015
which ever one comes 1st


NB: d chick below iz an angel while d 1st poster afta d OP iz kompletely high on premium isoko vegetable

GEJ is set out to ruin Nigeria.

No wonder but won't b surprised if some goats politicised this.Its tyme we should sit our arse n think.We need to make changes.(THE YOUTH) @OP:Ao d pix take match d thread nao?Too much of things no good oooo.

Gbaja or wetin... Good thinking but u how can u make dis happen...nobody stays on jonas way...
#justsaying

We dont care how much it costs.....just bring back the girls

Am in a wrong place at the wrong time. $1 billion dollars loan + interest. The your kids and mine will be the ones to pay. Gbajabiamila made a point.

Truth is trillions has been spent in the last 3 years. What state would nigerian universities and educational system be if that budget wason education.

Nigeria is too big for one President. Take it or leave it.

shadowwalker101: Gej is a joker

bignene: 3rd to comment.

jayseehe: booked

disloman: No wonder

YoursGEJ: .

all of una wey dey use dis useless comments loiter front page, just know dat diarisGod o!!!

To be honest I thought the $1 billion loan issue was just a rumor. Somebody please tell me that our retardeen of a president is not actually seeking a loan to fight the terrorists he is funding. When you think Jonathan cannot do anything less stu_pid, he comes up with new gymnastics.

Rather than plugging leaking holes, the goat wants to go and borrow. This is similar to what happened with fuel subsidy where he preferred to have Nigerians pay 3x for petrol while oil marketers were taking billions without doing a single thing.

Ok, what happened to the hundreds of billions from the defence budget? How will he pay back the loan? Will the money generate interest when it is put to work? Where is the proof for a return on investment that will convince a sensible organization to part with that amount of money? Will they even use it for what they claim?
Abi dem go use am to impeach more opposition governors, buy gold-plated iphone and distribute at their next owambe and buy paper to sign MoUs wey no go ever result in anything

And a human being with brain will vote this man in 2015

Doing the same thing over and over again and expecting a different result is fooolishness - Albert Einstein

nerves at work

this is the best analysis to come out from a Nigerian senator this month.. hope he would do the same analysis if APC is in power. Jonathan continues to marvel me, does he want to tell us that we don't have ordinary 1 bill dollars Hmmm we re finished in this country as our leaders are all lacking vision. they always act like pple from another planet. only a very violent revolution would save this country from the hands of aliens

jesuslovesme123: GEJ is set out to ruin Nigeria.

Ithink Jonathan is a curse on Nigeria all he want do with this mojey is looting nothing more than that .

Gbajabiamila, Preach Jare!!! Considering the Fact That a Repayment Plan wasn't Included in the Loan Request,the pertinent Question remains; Who will bear the Burden?
FG should reach into the Excess Crude Account(if it exists), afterall we save for Rainy Days and the Insurgency in the NE could be classified as a Tsunami!

If anyone here pass through Aso-Drive in abuja. You need no prophet to tell you why GEJ and his cohort needs $1 Billion.

Uncle jona was badly advised to use this means to prepare for election 2015.