kingharzy:


T.E is right. IMF is righter. These China loans seem like colonial treaties and don't actually better things. Look at Kenya et al, China loans are strangling it then come back home to Nigeria, the toothless bulldog who borrows from China to buy from China and pay China for expertise. A country like Rwanda serves as an example for good borrowing, they borrow to maintain their industries and mineral resources then sell to the highest bidder and not the one who signs the IOU. Need i talk of Morocco? ?

Which IMF is right? The same IMF that will loan , you $1b , coming to you tomorrow telling you to devalue your currency just as they did during IBB era with their wayo structural Adjustment Program SAP. When you devalue your currency now, the $1b you took from them suddenly became $1trillion.

he just spoke my mind...same IMF that asked Nigeria to deregulate naira and increase tax and also refused to lend us obey during economic crises

they are all threatened by sino-african relationship

chloride6:
Elumelu I must be your gay partner today

Bastard EU
China is the largest owner of US Treasuries.
Chinese loans are even better..
They are usually project specific so that you can.see what they are used ...

Chinese are not straight forward. I rather dine with US.

DonroxyII:
Tony should kukuma sell Nigeria to IMF so thay they can help us to construct road, eradicate poverty , provide Job , develop entrepreneurship

Go and read joor!

kingharzy:


T.E is right. IMF is righter. These China loans seem like colonial treaties and don't actually better things. Look at Kenya et al, China loans are strangling it then come back home to Nigeria, the toothless bulldog who borrows from China to buy from China and pay China for expertise. A country like Rwanda serves as an example for good borrowing, they borrow to maintain their industries and mineral resources then sell to the highest bidder and not the one who signs the IOU. Need i talk of Morocco? ?

Tony is right. Don't borrow from China bla bla bla, who should we borrow from?

Afamed:

Which IMF is right? The same IMF that will loan , you

The IMF isn't bothered that you take a loan, it is bothered about loan terms, intent and servicing.

ADAMUdaCOWBOY:

Tony is right. Don't borrow from China bla bla bla, who should we borrow from?

Kuvuki land. . .

BuhariAdvocate:
Loan is not a crime. And we never borrow anything yet compare to other country.

The one that were borrowed what were they used for? And what visible plans were put in place for a comfortable repayments?

daddytime:
Very much agree with you Tony...

A country should be throwing a bash whenever it gets criticized by IMF even though the Chinese won't be any different on the long run, but in the meantime and because we must borrow to meet our atrocious huge cost of governance, I'd still choose the lesser evil and go with the Chinese.

My only fear be say...very soon we all go get Chinco name because dem don take over.

I don choose my Chinco name down...

Ogbuefi Bao...ni hao...

mine is chin chun hun

LETS DO IT THE NAIRALAND WAY.LIKE FOR CHINA SHARE FOR IMF.

Afamed:

Which IMF is right? The same IMF that will loan , you $1b , coming to you tomorrow telling you to devalue your currency just as they did during IBB era with their wayo structural Adjustment Program SAP. When you devalue your currency now, the $1b you took from them suddenly became $1trillion.

You made the choice. No one forces you to take decisions that impact your economy but yes, everyone will offer options that benefits them when you do make a decision. The IMF is structured to make profits for it's backers and get what to loans to next borrowers but that doesn't mean it shouldn't advice you when the shop next door sells you bad candy.

kingharzy:



The IMF isn't bothered that you take a loan, it is bothered about loan terms, intent and servicing.

And part of their loan terms , is how they will manoeuvre you to devalue your currency. When you have $1b from them, it becomes $1Trillion when you are paying it back. Have you forgotten their impact during IBB regime when Structural Adjustment Program was introduced. Have you forgotten,how IBB played to their gallery , when naira was devalued?

kingharzy:



You made the choice. No one forces you to take decisions that impact your economy but yes, everyone will offer options that benefits them when you do make a decision. The IMF is structured to make profits for it's backers and get what to loans to next borrowers but that doesn't mean it shouldn't advice you when the shop next door sells you bad candy.

But you are still here, defending the options we made years back that totally failed us. does that look normal to you? At the end of the exercise, you can have something to run through the internet, how $1 turns to N1500. Or to you and PDP, any policy that would make the government of the day to fail is ok by you?

adontcare:
mine is chin chun hun

Ni hao chin chun hun...

Hun tu chun du lah...meaning Happy birthday...

priceaction:
I don't know why seun can't develop codes that blacklist phone numbers or i.ps that can deal with all these bet naija idiots. They have thousands of monikers that they open monthly and are never tired. Why can't seun and his programmers find permernent solutions to ban them? Other sites that are not as big as this control spam cleverly but here, can you imagine on this page alone, 3 bet naija idiots with big banners, and u have to scroll down and down before you read other peoples comment? The mod think they are stubborn, dem go ban ban ban ban, den go tire, you think you are stubborn , I tell you say those idiots stubborn pass. Na your hands go pain you and you go tire for banning. As you are already banning them they are on another thread creating nuisance there.
@ topic They are in sefia pains for nigeria rejecting their loans. Simple. This is what has being the circle: lend huge financial loans to Nigerian government at a certain %, then within few years, the politicians will scatter and mismanage the loans, looting the majority without any serious infrastructure development, and send most of the money back to the country that borrowed us through proxies. Imagine since they have been giving us loans, asduming they dont release it directly to the goverment but focus on infrastructure and human developments, imagine what our country would have being? They wanted us to take their loans few months ago by forcing us and trying all kind of tricks but it didnt work. Now chinese loans are bad according to them. But their own we took before, our children and grandchildren and children unborn will continue to pay for the imaginary loans until they kingdom come. Must it continue like that?. To me I think Chinese loans focus more on infrastructure development, and direct investments, that's what Tony is saying. Western loans for African are fraudulent..

Are you sure those are not adverts paid for? That is my suspicion o.

swazpedro:
My country... Must we borrow?

Yes, because a borrowing economy is a developing one.

Kendumazy:
It's high time, China stopped giving loan. Let the loan come as infrastructural or technological development project. No cash loan. Let it be technological or infrastructural development project.

USA Used Samsung s6 edge plus for sale. Check link
https://www.nairaland.com/5116583/clean-usa-used-samsung-s6

Oga, you neva talk am finish...... If they would give us loans, they should personal supervise the projects, loans was intended for............

Mosesm:


Are you sure those are not adverts paid for? That is my suspicion o.

No, they get banned everytime. Adverts paid for are at the banners. And se.un has banned betting here since. They are just nuisance and scammers. You can see them here again up there.

ADAMUdaCOWBOY:

Go and read joor!

u don't know what's up ... go and reread my post .... I use the one u quoted ayage space for front-page

maybachmusic:



true

they give us loans , uner conditions that the jobs must be done by chinese firms and most payments are in crude

meaning all the money goes back to them

Exactly.


......and then they know we're likely to default on the loan, giving them the perfect excuse to renegotiate and bring in more terms and conditions.

They suck our crude for many years to come.
They forcefully have their military base here.
They force us to constantly vote on their side in UN.
We practically become their slaves in the evil global empire they're building, etc

God help your children.

The Chinese are better partners than the west. Why is the IMF concerned about China? The Chinese loans are mostly tied to specific projects and we can see what they have done in various African countries. The IMF and other western Financial institutions are mostly interested in exploiting Africa with only poverty and huge debts to show for it.
My take is that the west is wary of the growing influence of the Chinese in Africa especially. Is the US not indebted to the Chinese? Why is the IMF not offering their advice to the Americans?

priceaction:

there.
@ topic They are in sefia pains for nigeria rejecting their loans. Simple. This is what has being the circle: lend huge financial loans to Nigerian government at a certain %, then within few years, the politicians will scatter and mismanage the loans, looting the majority without any serious infrastructure development, and send most of the money back to the country that borrowed us through proxies. Imagine since they have been giving us loans, asduming they dont release it directly to the goverment but focus on infrastructure and human developments, imagine what our country would have being? They wanted us to take their loans few months ago by forcing us and trying all kind of tricks but it didnt work. Now chinese loans are bad according to them. But their own we took before, our children and grandchildren and children unborn will continue to pay for the imaginary loans until they kingdom come. Must it continue like that?. To me I think Chinese loans focus more on infrastructure development, and direct investments, that's what Tony is saying. Western loans for African are fraudulent..

Financial analysts say that IMF loans are the worst in the world because of their repayment conditions. So, no reasonable leader should be borrowing from the organization.

While I am not a Buhari's fan, I must admit that I like the idea of loan-for-project deal with the Chinese government. However, I am worried sick that our debt profile is increasing at an alarming rate.

With respect to IMF, I must state that if I lend you money and you decide to mismanage it, it's entirely your business.

Nobody should blame the IMF for it.

Most IMF think for another alternative why can't we think on our own

Most IMF think for another alternative why can't we think on our own or work together with them

DonroxyII:
Tony should kukuma sell Nigeria to IMF so that they can help us to construct road, eradicate poverty , provide Job , develop entrepreneurship and generate electricity ...... All what IMF, World bank, Paris club, IBRD, UNDP, DFID , Bill and Melinda Gate Foundation and many more have given what did Nigerian Government do with them all .....

You borrow at exorbitant cost and excruciating conditions and you still lavish the money to do stupid things like building hotels and buying range rovers for slay queens ..... wetin concern IMF ..... Come and borrow again, they will increase their cost of lending because they know you are a credit risk and dullards with no concrete zeal for development !!


cost of capital of potential defaulters are always on the increase .... it is simple finance !!

The truth is China is another form of imperialism loading ...... Very soon, they will change it for Nigeria and you would have played all your games into their hands that you won't be able to say NO !!

China is worst imperialist maybe Mama Charlie and Big Uncle Sam will come to the rescue if Brent crude is still sweet to world economy ......


No nation nor International Development Agency will help Nigeria unless we are ready to Help ourselves ..... all of them are business man including TONY Elumelu who is telling Buhari and Nigerian Government what they need to hear But China is Imperialism loading and it would be disastrous than West !!

Which country be mama charlie

tommyken:

Which country be mama charlie

Probably referring to the United Kingdom, whose queen has a son called Charles....mama Charlie.

Onyemadonald:
CHAIRMAN of Heir Holdings, Tony Elumelu on Friday told the International Monetary Fund (IMF) and other development party to provide alternatives to Nigeria if collecting loans from China was injuries to the nation’s economy.

Elumelu also said that his Foundation will continue to support the government and the people through the $5,000 grant, so as to create a more prosperous society. The International business tycoon spoke with State House correspondents after he paid a private visit to President Muhammadu Buhari at the Presidential Villa, Abuja.

Reacting to the warning by the IMF to Nigeria to be weary of China loan, he said that anyone that was opposed to taking loan from the country should provide alternative source of funding.
Mr Tobias Adrian, the Financial Counsellor and Director of the IMF’s Monetary and Capital Markets Department had warned on Wednesday during the launch of the Global Financial Stability Report for April, 2019 at the IMF/World Bank meetings in Washington D.C, United of America. According to him, “Capital flows, which includes capital flows from China are of course important for development.

“On the other hand, what is very important in lending arrangements are the terms of the loans and we urge countries to make sure that when they borrow from abroad the terms are favorable.

“In particular, we recommend that loans to countries should conform with Paris Club arrangements and that is not always the case of loans from China,” he said. But Elumelu said nature abhors vacuum, hence the IMF, World Bank and other development partners should provide alternatives that will create jobs.

Asked his position on the IMF warning, Elumelu said, “My position is that nature abhors vacuum, if you do not want Nigeria to take China loan, provide the alternative. Like I keep saying, they should also support the development of entrepreneurs, they should look at ways to help us eradicate poverty in a manner that is sustainable.

“For me, one of the surest way to eradicate poverty is to ensure that our youths are gainfully employed through entrepreneurship. “Also to make sure that development agencies – IMF, World Bank and co help and support Nigeria to improve on her infrastructure, road transportation, access to electricity.

“These are things that will help us improve on security in Nigeria, these are things that will help us increase prosperity through employment which is the most important thing. “So, the advise is good but nature abhors vacuum.”
“On the economy and the next level, let us just continue in what we are doing, improve on them, increase capacity.

“I operate in the power sector, we are the biggest generator of electricity in Nigeria through Transcorp power and I know first hand what efforts government is doing. “But we need to do more, we need to convert gas to power, we need to compliment what is going on already in agric space and as you know there is peace and prosperity in that sector but we need to add a little zeal to it to be able to attract investors.
“I think the elections are over and we need to move forward as a team, as a country so that our people will be better for it.”

https://www.vanguardngr.com/2019/04/china-loan-provide-alternatives-to-nigeria-elumelu-replies-imf/amp/

AS LONG AS NORTHERN NIGERIA POLITICAL LEADERS REFUSE TO FACE THEIR GOD GIVEN AGRICULTURE AND THEY PUT THEIR LONGER THROAT ON NIGER DELTA CRUDE OIL MONEY.

NIGERIA WILL CONTINUE TO TAKE COUNTLESS OF LOANS FROM CHINA WITHOUT MAKING PROGRESS WITH IT.

The solution is:

Curb corruption in Nigeria especially at the governmental level. This is the major cause of Nigeria political, economic and financial challenges.

Cut down the high cost of governance. Our Legislature at the federal level and state level should be run on part time.

Stop the allocation of Niger delta crude oil money to state. Let state work out their own source of funding. If it is to sell chewing stick let them sell chewing stick to run their government.

States and local government in Nigeria must as a matter of urgency invest in Agriculture.

It is quite disturbing to learn that the governor of a poor state like Yobe, Taraba, Zamfara wants to live and earn salary to the tune earn by a governor from rich states like Rivers state, Akwa Ibom, Delta state, etc

The two Nigeria state are not equal.

They should cut their coat according to NOT THEIR SIZE but according to their material.

ALL THE STATES IN USA THAT IS PRACTING FEDERALISM ARE NOT EQUAL.

There are rich states in America like Texas, California, Florida, etc

There are poor states like Indiana, Alabama, etc


THE SOLUTION IS LET THE FEDERAL GOVERNMENT PUT AN END TO FEDERAL ALLOCATION.

LET STATES SURVIVE WITH WHAT THEY CAN FETCH OUT LIKE STEP UP THEIR INTERNALLY GENERATED REVENUE, INVESTING IN AGRICULTURE ETC.

STATES THAT CAN NOT SURVIVE SHOULD MERGE INTO A REGIONAL STRUCTURE WITH OTHER DEVELOPING STATES.

If this is not done Nigeria will continue to collect loans from China that can not really bail us out but provide COMFORT ZONE for our corrupt political class.

The west knows all this fact that is why they have been forewarning us.

It is equally because of this HANDWRITING ON THE WALLS that proponent of RESTRUCTURING are calling on the federal government to get the processes implemented to save Nigeria from total collapse.

But Northern Nigeria political leaders are against it as they feel all their survival lies with southern resources which is totally wrong.

THE STRENGTH OF NORTHERN NIGERIA IS IN AGRICULTURE THEY SHOULD GO AND FACE STANDARD MECHANIZED AGRICULTURE AND STOP WASTING NIGER DELTA CRUDE OIL MONEY PROSPECTING FOR CRUDE OIL IN THE NORTH THAT IS ILLUSIVE.

The late Premier of Northern Nigeria Sir Ahmadu Bello built the Northern region based on Agriculture but quite unfortunately current political leaders in the north are deviating from that road map to be waiting for crude oil allocation money instead of investing in Agriculture.

tommyken:
Which country be mama charlie

Our colonial mother !!