I guess Bankole & Co. are afraid their jumbo pay won't be forthcoming next year, so they are selling us to the debtors. Remember this NASS 10 years from now when this same $3.7 billion has become $20 billion, and [size=14pt]WITH NOTHING TO SHOW FOR IT TOO[/size]. They condemned some projects as frivolous for the state governments, but did not name a single project for which we are now borrowing ~$4 billion. Here we go again!

Friday, 17 December 2010 00:00 Turaki A. Hassan    .15
.The House of Representative yesterday adopted the report of its Ad-Hoc Committee on Foreign loans which recommended the approval of $3.702 billion foreign loan for both Federal and state governments.

President Goodluck Jonathan had earlier in the year, asked the House to grant him approval to borrow about $5 billion from foreign sources to finance what he called “critical infrastructure” in the country.


“The projects in the 2010 external borrowing plan are valuable to the nation and need to be encouraged,” the committee observed in the report.

The MPs however, rejected the request by the Kano, Kaduna, Lagos, Cross Rivers and the Federal Capital Territory (FCT) to borrow a whooping sum of $130 million to finance Entertainment, ICT, whole sale, Retail and Tourism arguing that, loans should not be used for such bogus and unrealistic projects.

In a letter addressed to Speaker Dimeji Bankole, the President said the loan was part of the external borrowing plan earlier approved by the National Assembly together with the 2010 Appropriation Act.

The House, however, set up the committee under the chairmanship of the House Whip Rep. Emeka Ihedioha (PDP, Imo) which invoked all the stake holders on the rationale for taking the loan.

It would be recalled that, the National Assembly had in April this year granted the President approval to take about 1$1 billion loan from the World Bank to finance the power sector reform projects.

http://dailytrust.dailytrust.com/index.php?option=com_content&view=article&id=8583:reps-approve-37bn-foreign-loan-&catid=2:lead-stories&Itemid=8

why borrow when this money can be taken from our foreign reserve and also the tenure of this present administration will soon end why borrow now? this money will only end up in a few peoples pocket.

I keep wondering whether this legislooters reason at all, imagine all this loans without results being achieving the desired result.

WITH NOTHING TO SHOW FOR IT TOO.

word!!!

This politicians are just destroying this country enriching themselves at the people's expense.

Here we go again. Absolute madness if you ask, and no meaningful results afterwards. The question is why borrow? Dont we have the capacity to make available such funds when necessary? Haba, these 'legislooters' small small o. The Eagle is watching,

Welcome to the Government of Goodluck Ebele Jonathan and his economic PR chief/stooge, Olusegun Aganga.

We are yet to receive account of 3 supplementary drawdowns from the ECF nor the last foreign borrowings.

Approving borrowing for " critical infrastructure" with no adequate feasibility studies, implementation guidelines and feedback on project performance? I bet there are stakes and contract awards in it for the. What a disasterous assemblage of rubber stamp incompetent dimwits.

Did anyone notice the state Govs justification for their borrowing request? "ICT, entertainment industry, retail and wholesale bla bla!!! Na today??

RICHIE BOI:

why borrow when this money can be taken from our foreign reserve and also the tenure of this present administration will soon end why borrow now? this money will only end up in a few peoples pocket.

i fell your pain oh. this is take away package for those that are not coming back and reimbursement for second term seeker, just to throw a liitle during elction and come back to pack the remaining. God help us in this country.

fund raising for election

seanet02:

I keep wondering whether this legislooters reason at all, imagine all this loans without results being achieving the desired result.

Exactly

hol dem for hand dem go use leg thief. hol dem for leg, dem go pick pocket with teeth. we are doomed except we march to that house and march all off dem out one day.

nonsense

Borrowing again - always looking for how to embezzle money, na wa oooooo may God help kill all these thieves that called themselves our rulers - politicians

wtf? for what?, shameless looters, and rogues

U can now c dat president GEJ is nt d messiah we ve bin waiting for. Our reserve is gone snc he came on board 6months ago, nw we are borrowing here and thier. GJE,Atiku, IBB, OBJ, PDP all of them represents nothing but retrogression. Tk a look at d budget he presented 4yr 2011, more is still going in2 recurrent expenditure and capital/infrastructural expenditure gets little meaning all d noise we nigerians are making does nt move dis guys even with d holier than thou posture of this systematic and subtle theiving president called humble GEJ. Its really a pity, dis guys jst dnt care.

byrron:

U can now c dat president GEJ is nt d messiah we ve bin waiting for. Our reserve is gone snc he came on board 6months ago, nw we are borrowing here and thier. GJE,Atiku, IBB, OBJ, PDP all of them represents nothing but retrogression. Tk a look at d budget he presented 4yr 2011, more is still going in2 recurrent expenditure and capital/infrastructural expenditure gets little meaning all d noise we nigerians are making does nt move dis guys even with d holier than thou posture of this systematic and subtle theiving president called humble GEJ. Its really a pity, dis guys jst dnt care.

Goodluck Jonathan is not necessarily a bad or wicked politician as i would address Lucky Igbinedion - he (Goodluck Jonathan) just don't get it. I think this is what you get when someones who is not prepared to be emerges - then a sense and need to please so many in his vie for the seat of presidency emerged - that seems to be the problem.

does it mean oga goodluck is also a rogue?

dayoyemi:

does it mean oga goodluck is also a rogue?

your guess is as good as mine. they are all the same these thieving politicians. atiku is not any better and could be worse than GEJ.

Instead of borrowing money, Nigerian reps need to learn how spend money wisely and frugally. Yet, the only thing they know how to do is get big salaries for doing nothing and kickbacks. Sometimes I get so angry, I do not know how to control my rage as it pertains to Nigeria's situation. Then I see the people not caring, and then I do not care myself. The people deserve their representatives.

yes business as usual, the worst thing about these world bank loans is that they come with crippling interest rates, so i expect that the nigerian govt will end up paying back 3 times the $3.7 billion after interest has been added on.

No wonder the west just love nigeria.

Chase the Hooligans-in-Power (HiPs) out and vote in better candidates.

Remember to RSVP -

Register;
Select and sponsor(your candidates);
Vote;
Protect your votes;

Let this be our motto for this election period.
Copy and text the motto to as many as possible on your GSM and several times during the voter registration period.
One Man, One Vote!!!

aha!, back to our shit, PDP policy is to keep Nigeria in slavery and that's exactly what any of them would do + GEJ, im beginninh to lose hope in that guy.
Ribadu please be set,

Ochi_Agha:

Instead of borrowing money, Nigerian reps need to learn how spend money wisely and frugally. Yet, the only thing they know how to do is get big salaries for doing nothing and kickbacks. Sometimes I get so angry, I do not know how to control my rage as it pertains to Nigeria's situation. Then I see the people not caring, and then I do not care myself. The people deserve their representatives.

[size=15pt]We practice Politics without Principle in Nigeria [/size]

This people are just senseless, very soon we'll be begging for another debt relief

apoti:

This people are just senseless, very soon we'll be begging for another debt relief

What do you expect when you have brainless dude like GEJ as president and thoughtless slowpoke like OBJ as adviser?

Borrowing like no tomorrow.

hmm . . . I can't wait to see the 2010 Budget review . . . hope we get a detailed version of what the money was actually spent on. Last year, the government told us some seriously big lies, let's see how they top that one this day.

That country sha,its sos so sad,all i can say,cant they just get them all somewhere and kill them,because they are all hired killers too

is nigeria broke

They musnt use everything from our reserve to finance Gigantic projects such as power and co na.U guys shd not criticise yet, until we see the outcome of the loan.After all America being one of the richest country, borrowed billions of Dollars from China.stop all this Destructive criticism and Leave GEJ alone

Nigeria is rich, we can definitely afford many more years of looting, accompanied with major decay!!!! Our President just wrote a book y'all! You might want to go out there to purchase and read so you can make him richer, and since he claims he keeps it all in Nigeria, you invariably make Nigeria richer . . . ROFLMAO!!!

But on a serious note, is he trying to imitate Obama or something?

cap28:

yes business as usual, the worst thing about these world bank loans is that they come with crippling interest rates, so i expect that the nigerian govt will end up paying back 3 times the $3.7 billion after interest has been added on.

No wonder the west just love nigeria.

The Loan outlays(Spread) is reaching $12 Biliion dollars Cap28, if they pass this
Phoney Fiscal Budget for 2011, see my Post "Foreign Experts to Manage
Nigeria's National Budget in 2011" 21/12/2010

They are getting real bold & MORE reckless now,