pls stop thinking shallow.there is no slavery here, usa is owing china so much and that doesnt make them slaves,theres something we call interest and thats the price of the loan, thats the onlý thing nigeria will have to lose cos they still have to pay everything at the end of the day.

@Babygurl19

Even Obama said that with the amount of loans the USA keeps borrowing from China, they have no moral justification or confidence to challenge China on how it makes the money.


You seem to have forgotten the embarrassment Nigeria went through because of debt.

The USA has no plan to pay back a large chunk of its debt. The only country that will be bold enough to demand payment back with stern words is China.

In the case of Nigeria, even Cameroun can come to harass us.

There was no need saying off our foreign debt in the first place when we knew we would re-borrow it. This is madness.

well evryone has to borrow,which country doesnt borrow,its part of life but it will only make sense if the borrowed money is used for something tangible,if the country was developing positively, yall wont be here complaining of its borrowings, period

Pardon my economics ignorance. I thought there is a global financial meltdown out there. Bigger and better organised countries and companies with better guarantees of loan repayment are closing down and Yet worldbank never gave them loans. If world bank is this rich and liquid why have they not use this "FREE MONEY" to help UK and US tackle recession. why didnt GM, Fanny mae and other global companies that folded up ask for assistance from worldbank. why have they not given ethopia, bokina faso and several poor nations this money. why give money to the 7th largest oil producing nation in the world when a large portion of african is hungry. why give nigeria loans with all the horrible global report about nigeria e.g corruption, crime, political instability, niger delta. if it involves investment and positive activities the world will scream nigeria is too risky, too corrupt with plenty hostage takers, if it involves shady loans that will enslave us they quickly forget all of the above. who is more corrupt

Can world bank give the nation and the world an account or performance evaluation of how nigeria used all previous loans we took in the past. cant world bank come advise us on building refineries and power stations. the whole world knows what happens to loans taken by nigerian "government" and how they are shared. IT TAKES 2 TO TANGO. have we ever been broke as a nation.

On a lighter note, if we need $500m urgently, dont look further, just kidnap iyabo and obj will drop $500m in any busstop of your choice,

@ red devil theres is nothing like free money, these countries that borrow monies must have a colleteral in order for the loan to be granted, its jus simple as a why bank dont lend monies to students compared to the way they lend to big organisations, thats cos theres assurance that the monies will be paid sometime in the future and also with interest.

and ofcourse when nigeria asks for loan, she will apply with the intention of using it for a particular project, so the world bank shouldnt say cos of corruption they wont grant the loan,,all the bank wants to do is business, they dont give out money for free, and about GM and other coys crashing cos of the reccession, i dont really know but i guess they have collected so much debt and yet unable to pay back because those they lent it out to arent paying back, and this is the root cause of reccession, its just a multiple chain reaction, it all burns down to the cause of recession,


for example,if i borrowed from a bank and am unable to pay back and those i lent money also isnt paying me, definetely i cant go back to borrow cos i wont be given and so brokeness will run me down.i hope i am able to make little sense

gotta get back to life

thanks babygurl, its just that economics can be so complex to grab as in some unbelievables are actually true. my take is at the level (global apex bank with global responsibilities) you can not separate biz from politics, lobbying and corruption, they must have their share of the blame. anyways lets stop blaming the worldbank and face our leaders who keep collecting loans

I sometimes wonder who teh real fools are, the ones who are so pretentious of their intentions on the good they will actually do with the money (old story) or,
the ones who actually discuss the matter as if it has serious discussion substance. we all know the end of this story so why not move on and forget about it, scandalous stories will emerge after 2011 on this matter and you will still come back (some of you) with your inky fingers to say the same shit you ave just said here.

I tire for una oooh

no be by force, u dont have to reply instead of calling your mother and fathers fools.shooooooooooooooo

@babygurl19,
Believe it or not, a creditor, right from the days of Adam and Eve, is a master over a debtor. This country has enough money to lend to the United States and China if and only if we manage our resources judiciously.

We celebrated the coming of Yar'adua because they said he is the only President that ever passed through the four walls of the university but what has he done so for the past 2 years.

The next thing they will tell us is that we are still in a learning process. Or that the worst democratic government is better than the best military government.

I believe in this country that one day things will change for the better. Can't wait!

Abeg, I don tire sef. Out of that money Nigeria is going to loan Sao Tome and Principe $10 million.

Forming big boy, when nothing dey.

i guess by then when things are better or best, this generation will be long dead.lol

i believe in making the best of ones life and stop waiting for any govt to help you, those who have made it in nigeria didnt wait for the country to get better before they made their lives better, so yall should stop complainning on nairaland

A fly that listen to no advice follow the corpse to the grave. ar u sure our leaders are not cursed? why do they act before reasoning. Pls ignor them,

After Okonjo extricated us from our previous debt crisis. This man has now decided to put us into another messy debt issue. Last year billions of naira was returned to the national coffers in the name of unspent budget funds, so what is the talk about bugdet supplementation when the fund wouldnt be used. Instead they would returned and looted.

Is the money in the treasury not enough

dem wan chop our money again o.

E be like say dem wan to tell us another story again O!

@babygurl19,

I don't know your financial strength and I don't know your age either. But I think you can't get to a certain level in life without the government.

I am self-employed and I have over 20 people on my payroll though I'm just 30. I don't even think about poverty anymore but there are millions of people in this country that would have been raised from the pit of poverty if the government shows some sense of good governance.

BTW, in case anyone on Nairaland really wants to become a millionaire in less than 12 months, he or she should contact me because I have a blueprint that will save anybody from the deadly cold hands of poverty. I won't ask you for any kobo until you start making some money. I need 42 people because I want to raise 42 millionaires before December 31st, 2010. I am very serious! Just contact me via e-mail and I will arrange for one-on-one interview but you must have an international passport, national ID card or Driver's license . You won't spend a dime until you start making money! The business is completely legal, hassle-free and enjoyable.


Let's leave these negative thinking Nigerians and make our lives better.

somebody asks: " Is the money in the treasury not enough ? "

Money in vault is the more difficult to steal than money from the loan. Right?

@SMSguru

Strange, same requirements some dude required of me so they could use it to requisition dollars on the forex market