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Nairaland Forum / Nairaland / General / Politics / $29.9b Loans: Senators Set Another Hurdle For Buhari (20452 Views)
Budget 2017 : China May Withhold $29.9b Loans / 17 States To Benefit From Fed Govt’s $29.9b Loan (see The List) / Buhari, Saraki Strike Deal Over $29.9b Loan Request (2) (3) (4)
$29.9b Loans: Senators Set Another Hurdle For Buhari by dre11(m): 3:14pm On Nov 07, 2016 |
Public hearing demand likely Loans not a trap, says DMO boss by Yusuf Alli, Senators have put another hurdle in the way of the presidential request for approval to obtain $29.9billion loans for infrastructure. Last week, the Senate threw out the request – on the grounds that it was not accompanied with how the loan would be used and repaid. President Muhammadu Buhari, according to sources, has secured the understanding of Senate President Bukola Saraki that the request will be reconsidered when re-presented, with details, expectedly this week. But senators are pressing that the request should be taken for public hearing before approval, The Nation learnt. The public hearing clause is one of the conditions most of the senators have given Saraki before approving the loans. It was unclear yesterday whether the Senate President will accede to this condition. A source in the National Assembly said: “We are amenable to the re-presentation of the request for the loans by the President. The law or our Standing Rules allows it. “Most of us have however told the Senate President that we should subject the request to public hearing because the debts will be paid back in 20 years by the next generation. “Also, if ex-President Olusegun Obasanjo could secure debt relief of over $30billion, Nigerians need to be part of this latest decision to incur $29.9billion. “Some of us feel that if we throw the request open, we may get alternative ideas from Nigerians.” A first term Senator said: “We are pushing for public hearing to enable Nigerians scrutinise what the loans will be used for. We want them to buy into it. “Some of us will also be able to sleep well that the decision to obtain the loans has the backing of all Nigerians.” A ranking Senator said: “We are not opposed to a fresh request from the President but we prefer public hearing. I want a situation whereby I will be able to tell my children why the Senate supported the taking of the loans. “We cannot take things for granted again. The government said it will spend about N500billion on social investment but up till now, Senators, members of the House of Representatives and even governors are kept in the dark. “We do not know the shape of the programmes, how beneficiaries were drawn up and whether or not the teachers to be recruited are relevant to the need of each of the 36 states and the FCT. “If we are unsure of how N500billion will be spent, then we need to subject the $29.9billion loans to public hearing.” Another ranking Senator said: “Public hearing is not a must when the Executive needs loans. All we have to do is to refer the request to the Committee on Local and Foreign Debts, which is headed by Sen. Shehu Sani. “Our colleagues are demanding for public hearing but this will amount to double standards. When we got requests for loans from Edo and Lagos states, we did not conduct any hearing. We considered the applications on merit.” “We will leave the discretion to the President of the Senate.” The President had said the external borrowing plan would be used for infrastructure, agriculture, health, education , water supply , growth and employment generation , poverty reduction through social safety net programmes and governance and financial management reforms etc. He said: “The total cost of the projects and programmes under the borrowing (rolling) plan is $29.960billion made up of proposed projects and programmes loan of $11.274billion, Special National Infrastructure projects $10.686billion, Euro bonds of $4.5 billion and Federal Government budget support of $3.5billion.” http://thenationonlineng.net/29-9b-loans-senators-set-another-hurdle-buhari/ 1 Like
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Re: $29.9b Loans: Senators Set Another Hurdle For Buhari by dre11(m): 3:21pm On Nov 07, 2016 |
I quiet agree with the senators on this that the loan dispute should be brought to public for debate and the government should be ready to give a convincing reasons on why it needed to secure the loans and not just paraphrase....... They promised to run an 'open and sincere" government..... so, let them convince us as the convince the populace for 'votes and change' 38 Likes 4 Shares |
Re: $29.9b Loans: Senators Set Another Hurdle For Buhari by VampireeM(f): 3:24pm On Nov 07, 2016 |
The issue here isnt the intention of the loan which of course is very commendable but we all know this Nigeria and we are corrupt! The problem is some set of persons embezzeling our future for their own personal use and not held accountable for it! Maina and the pension scam comes to mind. PMB may have good intentions but we dont want him mortgaging/gambling our future with this loan.. He should forget about the loan and go after past corrupt official esp the ones in APC, starting with Abba Kyari 500million grass cutting scam etc.. BTW, PMB and his govt has not told Nigerians in details how the money would be spent.. We all know this govt has no blueprint, just doing trial and error with us. I am not in support of the Loan @least now 53 Likes 7 Shares |
Re: $29.9b Loans: Senators Set Another Hurdle For Buhari by Young03(m): 3:33pm On Nov 07, 2016 |
That lady above me she don't know what to say well as for buhari n his plans only God can help him 1 Like 1 Share |
Re: $29.9b Loans: Senators Set Another Hurdle For Buhari by ijustdey: 3:53pm On Nov 07, 2016 |
am certainly sure if the government have greased the hand of the senators..... we wouldn't have had such uproar about the loan. this is good for the Democratic process since its now means that the legislative isn't a rubber stamp for the executive at the national level... but such can be said in the states 6 Likes 3 Shares |
Re: $29.9b Loans: Senators Set Another Hurdle For Buhari by kollynxofodile(m): 3:59pm On Nov 07, 2016 |
This is a country that doesn't have a database of it's Citizen. If that 500b can be channelled into creating a unified and tamper proof ID card for Nigerians I will solemnly support it. It will go a long way in changing many thing, Insecurity, Ease of IDentification Illegal immigration. Ease of getting bank loans for SME The benefits are endless Infact, instead of CENSUS let the government provide an ID database FROM IT you can actually get the real figure of NIGERIANS Just like the Senators said On what criteria does people qualify for this social Where re they from. How re u sure they re Nigerians self. They can be Niger republic Few days ago, A director on one of government parastatals was sacked cos it was discovered that he is from NIGER republic Not only has he been collecting salary, he has also employed many of his country men in the same Agency. The only reason I knew about dis was because my Aunty is an Assstant Director o him. No Nigeian media reported the news Who knows how many has infiltrated our Government, Military, Police & etc The funny thing is that this Abokis will never agree to a real ID database of the Country, Cos it will expose their lies which they have used to rig elections and get federal allocation. Fr your information All the NIGER REPUBLIC citizen in NGERIA has Voters card. Hmmmmmm 4 dis country. 74 Likes 9 Shares |
Re: $29.9b Loans: Senators Set Another Hurdle For Buhari by sammyj: 5:57pm On Nov 07, 2016 |
In as much as i don't like this fat selfish Sinators they are on point on this one. PMB and his team should put their acts together and do the needful!!! 5 Likes 1 Share |
Re: $29.9b Loans: Senators Set Another Hurdle For Buhari by amuijiji: 5:58pm On Nov 07, 2016 |
I go 100% with the senators.. Let it be a collective bondage if we accept the loan... I just pray brown envelope does not kill this stance.. 3 Likes 1 Share |
Re: $29.9b Loans: Senators Set Another Hurdle For Buhari by Built2last: 5:59pm On Nov 07, 2016 |
I never knew some of these senators have brain oo. i am in support of the loan with stringent conditions. The government has been recovering money from looted funds from may 29th till date. The billuions on pages of newspaper is deafening. Till i know how much was looted and how much has been recovered and what the money was used for. i will never support borrowing a kobo. 7 Likes 2 Shares |
Re: $29.9b Loans: Senators Set Another Hurdle For Buhari by Nobody: 5:59pm On Nov 07, 2016 |
This is the result of the foreign powers that assisted PMB into aso rock. Why choose that much? Western imperalists want to sink Nigeria because an amount that much at 33% interested rate as they give will flatten Nigeria in 10yrs. Come to think of it, I am not against it but what are the concrete plans you have for repayment? 5 Likes |
Re: $29.9b Loans: Senators Set Another Hurdle For Buhari by OlujobaSamuel: 6:00pm On Nov 07, 2016 |
publish the name of any opposition to this make we stone dem |
Re: $29.9b Loans: Senators Set Another Hurdle For Buhari by femiero: 6:00pm On Nov 07, 2016 |
Let Buhari use the $90 billion he recovered from Deziani to fund whatever capital projects he wants to embark upon 27 Likes 2 Shares |
Re: $29.9b Loans: Senators Set Another Hurdle For Buhari by GlorifiedTunde(m): 6:01pm On Nov 07, 2016 |
This is what should have been done before. Not just throwing it off like it wasn't worth consideration. These Nigerian lawmakers are just not enlightened enough! 1 Like 1 Share |
Re: $29.9b Loans: Senators Set Another Hurdle For Buhari by Bizibi(m): 6:03pm On Nov 07, 2016 |
29.9 billion dollars not naira ooo, my generation must prepare to struggle to pay that time...... 1 Like |
Re: $29.9b Loans: Senators Set Another Hurdle For Buhari by teehay45(m): 6:04pm On Nov 07, 2016 |
I support the senators on this The loan must be subjected to a public hearing 1 Like |
Re: $29.9b Loans: Senators Set Another Hurdle For Buhari by Nobody: 6:04pm On Nov 07, 2016 |
Is it the one where our governors and politicians will squander everything? They haven't reduced cost of governance and they want to take up loans, who are they deceiving? 4 Likes 1 Share |
Re: $29.9b Loans: Senators Set Another Hurdle For Buhari by Nobody: 6:06pm On Nov 07, 2016 |
kollynxofodile:go and do ur NIMC enrolment and stop over emphasising the issue of ID CARD. The loan is simply to help in infrastructure devt which will directly or indirectly aid in diversifying our economy. Every one wants diversification but none will consider the paucity of funds in diversifying. Unless we borrow, the infrastructural decay witnessed in Nigeria will continue for a long time. We need atleast 10,000mwt of electricity to bring us out of our power conundrum, where will the fund come from if not borrowing? Rational Nigerians shouldn't be worried about the loan but on what it should be used for and proper implementation. Take for instance, we get the loan and proper implementation carried out in the area of power and rail network, I bet you, the cost of doing business in Nigeria will not only reduce but also enhance maximum productive inputs and attract FDI which will employ more Nigerians and generate greater revenue for the govt. So far we are not borrowing to pay salaries but invest in infrastructure, then I'm in total support of it. 1 Like 2 Shares |
Re: $29.9b Loans: Senators Set Another Hurdle For Buhari by Duranas: 6:06pm On Nov 07, 2016 |
please set many more 1 Like |
Re: $29.9b Loans: Senators Set Another Hurdle For Buhari by otil1: 6:08pm On Nov 07, 2016 |
Buhari Plans To Borrow More Than The Nations Foreign Reserve! Isn't It Crazy? by otil1: 9:16am On Nov 02 See. https://www.nairaland.com/3442014/buhari-plans-borrow-more-than "Foreign Exchange Reserves in Nigeria decreased to 23.950 USD Billion in October from 24.590 USD Billion in September of 2016. Foreign Exchange Reserves in Nigeria reached an all time high of 62,082 USD Billion in September of 2008. Foreign Exchange Reserves in Nigeria is reported by the Central Bank of Nigeria." -Trading Economics (http://www.tradingeconomics.com/nigeria/foreign-exchange-reserves) "Nigeria’s foreign reserves drop to $24.74b in September" – Udoma. The Minister of Budget and National Planning, Sen. Udoma Udo Udoma, says Nigeria’s foreign reserves have reduced from 26.51 billion dollars from the second quarter of 2016 to $24.74 billion in September. (http://www.vanguardngr.com/2016/09/nigerias-foreign-reserves-drop-24-74b-september-udoma/) So, how can Buhari plan to borrow $29.960 billion to execute key projects across the country, a sum that is more than the entire nation's foreign reserve? Problem we have is that we don't ask questions. Will it be wrong to conclude that the APC government now wants to COMPLETELY drain whatever is left? What's the rationale behind this borrowing plan? And how will it be repaid? From where; the dwindling oil revenue?! I know Zombies on this forum will come for me, but can we just pause for a while and think? You have a savings account with balance of 24.7 thousand Naira and you apply to borrow 29.96 thousand Naira. Is it not akin to withdrawing and spending all, i mean ALL your savings and even more, because the interest element will make the 29.96 grow to 40 in just one year. Some past administrations worked on growing the national foreign reserve, under Buhari's watch, the national reserve has not only shrunk, but he now wants to COMPLETELY drain it. See chart below. This is absurd. And it makes me sad this morning that not many Nigerians are awake to what they plan on doing. They want to eat to the last card - the final chopping, that's what is going on! And they keep blaming and hounding people. 17 Likes
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Re: $29.9b Loans: Senators Set Another Hurdle For Buhari by Kunleskey(m): 6:09pm On Nov 07, 2016 |
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Re: $29.9b Loans: Senators Set Another Hurdle For Buhari by blackarcher: 6:10pm On Nov 07, 2016 |
totally in support with the senators. 1 Like |
Re: $29.9b Loans: Senators Set Another Hurdle For Buhari by sanpipita(m): 6:13pm On Nov 07, 2016 |
VampireeM: He hasnt even told us how he spent the 6 trillion budget and wants to borrow our future, sane people need to stand up against this dullard before its too late. 12 Likes 2 Shares |
Re: $29.9b Loans: Senators Set Another Hurdle For Buhari by kollynxofodile(m): 6:14pm On Nov 07, 2016 |
franciskaine: Of course I have done the registration since eight months ago Still waiting for their SMS |
Re: $29.9b Loans: Senators Set Another Hurdle For Buhari by Nobody: 6:16pm On Nov 07, 2016 |
OlujobaSamuel: Bros humble yourself and learn about the evil process western powers (international bankers) use to cripple the economy and resources of nations! 2 Likes |
Re: $29.9b Loans: Senators Set Another Hurdle For Buhari by NairaMaster1(m): 6:17pm On Nov 07, 2016 |
Zombies now have a chance to mortgage our destiny 4 Likes |
Re: $29.9b Loans: Senators Set Another Hurdle For Buhari by shrewd1(m): 6:17pm On Nov 07, 2016 |
fix the holes in the basket first before going tohe stream to collect water. Mr Buhari 1 Like |
Re: $29.9b Loans: Senators Set Another Hurdle For Buhari by NairaMaster1(m): 6:19pm On Nov 07, 2016 |
Ranks007: Don't mind that feels good at every junk from APC. All that glitter isn't GOLD. Be warned!!! 2 Likes |
Re: $29.9b Loans: Senators Set Another Hurdle For Buhari by NairaMaster1(m): 6:20pm On Nov 07, 2016 |
shrewd1:
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Re: $29.9b Loans: Senators Set Another Hurdle For Buhari by onatisi(m): 6:21pm On Nov 07, 2016 |
The point is this government simply have no idea how they are going to utilize the loan. Buhari himself cant defend it Smh for Nigeria 1 Like |
Re: $29.9b Loans: Senators Set Another Hurdle For Buhari by Saintp(m): 6:22pm On Nov 07, 2016 |
Judging by how PMB carries himself, I wouldn't have believed that he can be interested in taking loans not to talk of a whooping $30 billion if someone had suggested it 2 years ago. I would have thought that his focus would have been to drastically reduce the cost of governance even if it means sending a bill to the legislature that would force all tiers of govt to drastically reduce their wicked allowance and security vote. We need to explore all avenues to cut waste before talking about loan PMB has not shown to be different from other politicians otherwise where exactly is the change? 4 Likes |
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