THE World Bank has formally approved a new loan of $500 million for Nigeria, against the background of disapproval from members of the House of Representatives, who would not want the nation to backslide to the era of high debt burden.

World Bank's Senior Communications Officer in Abuja, Mr. Obadiah Tomhodet, explained that the new credit was in response to the current global financial crisis. It is coming barely a week after a similar credit was contracted to boost the fight against the malaria scourge in the country.

"The loan is intended to provide budgetary support to the Federal Government of Nigeria to partially off- set the fiscal impact of the crisis as well as maintain its current economic reform path in the financial sector, fiscal policy and financial management, and governance," said Michael Fuchs, the Lead Financial Economist and Task Team Leader of the World Bank.

When are Nigerians going to march against WORLDBANK and chase them away??


http://www.ngrguardiannews.com/business/article01/indexn2_html?pdate=300709&ptitle=Nigeria%20secures%20another%20$500m%20loan%20World%20Bank

Which kain march? no be us ask for loan? abi dem dey give unsolcited loans

Omo pack your bags and and run from this country before your future is mortgaged to oyinbo man.

Their time is coming. Why should we borrow ordinary $500 million from world bank when we have more than $72 billion foreign reserves in various banks all over the world? How are we sure it is not from our $72 billion that World Bank will source the $500 million they want to loan us at a higher interest rate?

Must we borrow? Must we save up unnecessarily large sums as foreign reserves? Even the USA does not have half the foreign reserves of Nigeria. Is it for decoration or prestige? Or so that anybody that want to import all sorts of jargon to Nigeria can be assured that there are adequate reserves of Nigeria worldwide to pay for it.

From fire,we got into the frying pan. Now instead of looking for a way to leave the frying pan to better places, we are heading for the fire again?!

Haba Yar'Adua! Haba! what have we Nigerians done to deserve this manner of wickedness and 'black belleness' from you?

By the way $10 million out of that money has been signed to Sao Tome and Principe by the Federal Government at a discounted interest rate. Cool

Ok

nex:

Their time is coming. Why should we borrow ordinary $500 million from world bank when we have more than $72 billion foreign reserves in various banks all over the world? How are we sure it is not from our $72 billion that World Bank will source the $500 million they want to loan us at a higher interest rate?

Must we borrow? Must we save up unnecessarily large sums as foreign reserves? Even the USA does not have half the foreign reserves of Nigeria. Is it for decoration or prestige? Or so that anybody that want to import all sorts of jargon to Nigeria can be assured that there are adequate reserves of Nigeria worldwide to pay for it.

Whoever you are, this forum is actually meant to disseminate accurate and logical informations.Pls stop dishing wrong infos; Nigeria's foreign reserve is right now below $40Billion.For ur records, don't U ever compare the USA with Nigeria in terms of RESERVES! OR anything for that matter. No doubt, Nigeria has got the potentials, however, we have missed it all and we have resolved and renewed our ability to continue to miss it.

[quote][/quote]Their time is coming. Why should we borrow ordinary $500 million from world bank when we have more than $72 billion foreign reserves in various banks all over the world? How are we sure it is not from our $72 billion that World Bank will source the $500 million they want to loan us at a higher interest rate?

Must we borrow? Must we save up unnecessarily large sums as foreign reserves? Even the USA does not have half the foreign reserves of Nigeria. Is it for decoration or prestige? Or so that anybody that want to import all sorts of jargon to Nigeria can be assured that there are adequate reserves of Nigeria worldwide to pay for it.


infact the guy is not current at all.all is informations are inadequate.na wa oooo

Must we borrow? Must we save up unnecessarily large sums as foreign reserves? Even the USA does not have half the foreign reserves of Nigeria

Your point?


Wartorn Iraq has over $80bn in reserve

Russia have over $500bn in reserve

Brazil and India have over $500bn reserve


China!!! well dont let me mention that figure

Another merry go round for politicians.

Just make a direct deposit of the money into Yar'dua's Swiss account.

More money for them all to share.
I hope one day there will be a true auditor checking and balancing the books on how all these monies are being spent

On second thought, 2011 is around the corner.

This money may well be PDP 'war-chest' to rig the election again!

is this a coincidence that world bank is sending $500mill to Nigeria just when election is coming??

I smell it, only GOD can stop Yaradua from second-term!

Who go help me commot this country ohh!!!

Ah! Sorry people. I've not treated my library on foreign reserves since this economic crises.

Nigeria's is about $40 billion while USA's about $78 billion.

What I was trying to say anyway, was that we could cut down our reserves by $500 million rather than borrow.

How much have our external debts grown to anyway?

una dou
dem don collect money join our oil money for the north to share

don't tell me all of you are so dumb to believe that we have a foreign reserve? abeg lets not flatter ourselves. we don't have a dime to our credit. it was all propoganda from obj to swindle more cash.

And counting, Oh noo! Where's our country heading to? With all those money gone, Nigeria could have been some kind of paradise! Oh! it's so sad, the ay our leaders use our money. It's like as if there's no hope 4 us again. Sooner or later, nigeria will be under probability of been sold or something else!!! some are not even listed. May God help us!!!

I have been wondering if President Yaradua is a Nigerian.Please lets try to investigate is nationality because he is leading us to destruction.Haba!H ow can we go for loan in the midst of abundance.God save Nigeria.

Please, does anyone know what our National Debt now totals to?

National debt is 3.8 billion dollars.

$500M? That means more money for those in power to chop from.

defman:

$500M? That means more money for those in power to chop from.

yes oh.
So far nothing to show for all we owe

why loan. Hope they will be able to pay back. Have they looted all we have

so much for rule of law, so he defied the assembly and is getting loans all over the place.

what does he need the loan for this time? a new pair of kidneys?
This man is just a shame.

All these Nigerian banks are nonsense.

Its Suppertime

;d

ds yar'adua guy seems frail but stuborn nd actualy doesnt care about d consequencies of al ds cos he cud hv died b4 d debt payment. so why worry

everyone should pls hush, the debt is nothing compared to usa"s total debt which is running to 11,033,157,578,669.78.that is over 11 trillion dollars, okay u cant compare but hey, you can judge well with this figures above. goodluck in your lamenting. thats what nigerians will ever remain to be

They have slave mentality.
A debtor is always a slave to the creditor.

They can go ahead and borrow more money from even the Paris Club and IMF for all I care.