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Buhari’s $22.7 Billion Loan Spending Plan: $1.25bn For Abuja Rail, $500m For NTA - Politics - Nairaland

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Nigeria Paid $500m For New Tucano Jets – U.S / Reps Approve Buhari’s $22.7 Billion Loan Request. South East Reps Kick / Senator Abaribe Confronts Lawan On $22.7 Billion Loan Approval For Buhari (Video (2) (3) (4)

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Buhari’s $22.7 Billion Loan Spending Plan: $1.25bn For Abuja Rail, $500m For NTA by fergie001: 11:10am On Mar 06, 2020
The senate has approved President Muhammadu Buhari’s $22.7 billion loan request — years after it was rejected by the previous assembly.

At its plenary session on Thursday, the upper legislative chamber approved the 2016-2018 external borrowing plan which the president said would be used for critical projects across the country.

TheCable understands Nigeria’s public debt profile stands at N26.215 trillion as of September 2019.

According to a document accompanying the president’s request, the fresh loan is for about 35 projects, many of which are infrastructural.

The document which was obtained by TheCable, also shows a part of the money will be used for new projects while others will go into already existing projects.

WHERE WILL THE LOAN COME FROM?

Over 70 percent of the loan will come from the Exim Bank of China, while the remaining funds will come from the World Bank, Africa Development Bank among others.

Here are the institutions the loan is being requested:

Exim Bank of China ($17bn)
World Bank ($2.95bn)
Africa Development Bank ($1.88bn)
Islamic Development Bank ($110m)
Japan International Cooperation Agency ($200m).
German Development Bank ($20m)
French Development Agency ($480m

THE SPENDING PLAN

Here is how the Buhari administration plans to spend the loan and where the projects are located as contained in the document:

INFRASTRUCTURE
– Emergency road rehabilitation and maintenance ($434.7m, nationwide)
– Abidjan-Lagos corridor highway development project study ($1.5m; multinational) – Abuja mass rail transit project (phase 2) ($1.25bn; FCT)
– East-west road ($800m; Niger Delta)
– Nigeria Housing Finance Project Guarantee Scheme ($100m; national)
– Lagos-Kano railway modernisation project (Ibadan-Kano segment double track) ($5.53bn; Ibadan-Kano states)
– Railway modernisation coastal railway project (Calabar-Port Harcourt-Onne deep sea port segment ($3.47bn; Cross River and Rivers states)

SOCIAL INVESTMENT
– National Social Safety Net Project ($500m, nationwide)
– Multi-sectoral crises recovery programme ($200m, north-east)
– North-east Nigeria integrated social protection, basic health, education, nutrition services and livelihood restoration project ($100m; north-east)

POWER
– Power transmission project ($200m; Lagos, Ogun)
– Vocational training in power sector ($50m; FCT, Lagos, Ogun. Kano, Plateau, Niger, Enugu, Kaduna and Cross River)
– TCN overall transportation system enhancement project ($200m; nationwide)
– Mambila hydro-electric power project ($4.8bn; Taraba)
– Nigeria Electricity Transmission and Access Project ($364m; nationwide)

EDUCATION
– Better Education Service Delivery for All (BESDA) ($500m, nationwide)

ECONOMY
– Development finance project ($500m, nationwide)
– Kaduna state economic transformation program for results ($35m, Kaduna)
– Development finance project (2) ($450m, min. of power)
– Development finance project (3) ($20m, nationwide)
– MSMEs project ($1.28bn; nationwide)

COMMUNICATION
– NTA digitisation project ($500m; nationwide)
– National Information and Communication Technology Infrastructural Backbone Project (NICTIB) phase II ($328.1m; Lagos, Abuja, Ibadan, Akure, Maiduguri, Lokoja, Kaduna, Akwanga, Bauchi, Kano, Katsina)

AGRICULTURE
– Staple crops processing zone support project ($100m, Kogi)
– Agriculture Transformation Agenda Support Project II (ATASP) ($200m, nationwide)
– Staple crops processing zone projects (2) (500m; nationwide)

HEALTH/WATER
– Regional disease surveillance systems enhancement project in West Africa ($90m, nationwide)
– Health System Project ($110m, Katsina)
– Rural water supply and sanitation ($150m; north-east, and Plateau)
– Greater Abuja water supply project ($381m; FCT)

GOVERNANCE
– Fiscal Governance and Institutions Project (FGIP) ($200m, government institutions)
– Institutional strengthening and implementation of policy reforms ($33.7m, min. of works and housing)

ENVIRONMENT
– Lake Chad Basin Commission ($13m, multinational)
– Integrated programme for development and adaption to climate change in the Niger Basin ($6m; Nigeria and Niger)
– Development of the mining industry ($150m, nationwide)

https://www.thecable.ng/in-full-1-25bn-for-abuja-rail-500m-for-nta-buharis-22-7bn-loan-spending-plan/amp

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Re: Buhari’s $22.7 Billion Loan Spending Plan: $1.25bn For Abuja Rail, $500m For NTA by oz4real83(m): 11:16am On Mar 06, 2020
The total is still not up to the proposed loanundecided Out of over $22b, this govt intends spending $500m on education. That shows the value they placed on education. Also check the intended spending on health, less than $100m. They are spending less on health and education because they still want a reason they and their families will continue going abroad.

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Re: Buhari’s $22.7 Billion Loan Spending Plan: $1.25bn For Abuja Rail, $500m For NTA by Witcher(f): 11:19am On Mar 06, 2020
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Speech as Nigeria Military Head Of State (1983)
Muhammadu Buhari

In pursuance of the primary objective of saving our great nation from total collapse, I, Major-General Muhammadu Buhari of the Nigerian army have, after due consultation amongst the services of the armed forces, been formally invested with the authority of the Head of the Federal Military Government and the Commander-in-Chief of the armed forces of the Federal Republic of Nigeria. It is with humility and a deep sense of responsibility that I accept this challenge and call to national duty.

As you must have heard in the previous announcement, the constitution of the Federal Republic of Nigeria (1979) has been suspended, except those sections of it which are exempted in the constitution. The change became necessary in order to put an end to the serious economic predicament and the crisis of confidence now afflicting our nation.

Consequently, the Nigerian armed forces have constituted themselves into a Federal Military Government comprising of a Supreme Military Council, a National Council of States, a Federal Executive Council at the centre and State Executive Councils to be presided over by military governors in each of the states of the federation. Members of these councils will be announced soon.
The last Federal Military Government drew up a programme with the aim of handing over political power to the civilians in 1979. This programme as you all know, was implemented to the letter. The 1979 constitution was promulgated.
However, little did the military realise that the political leadership of the second republic will circumvent most of the checks and balances in the constitution and bring the present state of general insecurity.

The premium on political power became so exceedingly high that political contestants regarded victory at elections as a matter of life and death struggle and were determined to capture or retain power by all means. It is true that there is a worldwide economic recession.
However, in the case of Nigeria, its impact was aggravated by mismanagement. We believe the appropriate government agencies have good advice but the leadership disregarded their advice. The situation could have been avoided if the legislators were alive to their constitutional responsibilities. Instead, the legislators were preoccupied with determining their salary scales, fringe benefit and unnecessary foreign travels, et al, which took no account of the state of the economy and the welfare of the people they represented.

As a result of our inability to cultivate financial discipline and prudent management of the economy, we have come to depend largely on internal and external borrowing to execute government projects with attendant domestic pressure and soaring external debts, thus aggravating the propensity of the outgoing civilian administration to mismanage our financial resources. Nigeria was already condemned perpetually with the twin problem of heavy budget deficits and weak balance of payments position, with the prospect of building a virile and viable economy.

The last general election was anything but free and fair. The only political parties that could complain of election rigging are those parties that lacked the resources to rig. There is ample evidence that rigging and thuggery were relative to the resources available to the parties. This conclusively proved to us that the parties have not developed confidence in the presidential system of government on which the nation invested so much material and human resources. While corruption and indiscipline have been associated with our state of under-development, these two evils in our body politics have attained unprecedented height in the past few years. The corrupt, inept and insensitive leadership in the last four years has been the source of immorality and impropriety in our society.

Since what happens in any society is largely a reflection of the leadership of that society, we deplore corruption in all its facets. This government will not tolerate kick-backs, inflation of contracts and over-invoicing of imports etc. Nor will it condone forgery, fraud, embezzlement, misuse and abuse of office and illegal dealings in foreign exchange and smuggling.
Arson has been used to cover up fraudulent acts in public institutions. I am referring to the fire incidents that gutted the P&T buildings in Lagos, the Anambra State Broadcasting Corporation, the Republic Building at Marina, the Federal Ministry of Education, the Federal Capital Development Authority Accounts at Abuja and the NET Building. Most of these fire incidents occurred at a time when Nigerians were being apprehensive of the frequency of fraud scandals and the government incapacity to deal with them.

Corruption has become so pervasive and intractable that a whole ministry has been created to stem it.
Fellow Nigerians, this indeed is the moment of truth. My colleagues and I – the Supreme Military Council, must be frank enough to acknowledge the fact that at the moment, an accurate picture of the financial position is yet to be determined. We have no doubt that the situation is bad enough. In spite of all this, every effort will be made to ensure that the difficult and degrading conditions under which we are living are eliminated.
Let no one however be deceived that workers who have not received their salaries in the past eight or so months will receive such salaries within today or tomorrow or that hospitals which have been without drugs for months will be provided with enough immediately. We are determined that with the help of God we shall do our best to settle genuine payments to which government is committed, including backlog of workers’ salaries after scrutiny.

We are confident and we assure you that even in the face of the global recession, and the seemingly gloomy financial future, given prudent management of Nigeria’s existing financial resources and our determination to substantially reduce and eventually nail down rises in budgetary deficits and weak balance of payments position. The Federal Military Government will reappraise policies with a view to paying greater attention to the following areas: The economy will be given a new impetus and better sense of direction. Corrupt officials and their agents will be brought to book.

In view of the drought that affected most parts of the country, the federal government will, with the available resources, import food stuffs to supplement the shortfalls suffered in the last harvest.
Our foreign policy will both be dynamic and realistic. Africa will of course continue to be the centre piece of our foreign policy. The morale and combat readiness of the armed forces will be given high priority. Officers and men with high personal and professional integrity will have nothing to fear.

The Chief Justice of Nigeria and all other holders of judiciary appointments within the federation can continue in their appointments and the judiciary shall continue to function under existing laws subject to such exceptions as may be decreed from time to time by the Federal Military Government. All holders of appointments in the civil service, the police and the National Security Organisation shall continue to exercise their functions in the normal way subject to changes that may be introduced by the Federal Military Government.

All those chairmen and members of statutory corporations, parastatals and other executive departments are hereby relieved of their appointments with immediate effect.
The Federal Military Government will maintain and strengthen existing diplomatic relations with other states and with international organisations and institutions such as the Organisation of African Unity, the United Nations and its organs, Organisation of Petroleum Exporting Countries, ECOWAS and the Commonwealth etc. The Federal Military Government will honour and respect all treaties and obligations entered into by the previous government and we hope that such nations and bodies will reciprocate this gesture by respecting our country’s territorial integrity and sovereignty.
Fellow Nigerians, finally, we have dutifully intervened to save this nation from imminent collapse. We therefore expect all Nigerians, including those who participated directly or indirectly in bringing the nation to this present predicament, to cooperate with us. This generation of Nigerians, and indeed future generations, have no country other than Nigeria. We shall remain here and salvage it together.

May God bless us all. Good morning.
The speech is fresh like it's was today.

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Re: Buhari’s $22.7 Billion Loan Spending Plan: $1.25bn For Abuja Rail, $500m For NTA by solmus: 11:23am On Mar 06, 2020
cool



$5bn USD for power out of almost $30bn is low, fvcking too low, power is what we badly need to boost this economy and steel

Without any doubt I know this would jump start our economy with contractors getting paid and more construction workers getting hired, I also trust Chinese EXIM bank wouldn't give politician a kobo of their own $17bn , they would pay contractors directly after completion of each phase of implementation

with Osinbajo handling the MSME's almost $500 million I know for a matter of fact more graduate with bankable business plan would get startup funds, instead of going to any MSME clinic around them or CBN office on how to access the scheme they would rather wail and wail

Now someone needs to tell Abba Kyari that $300 million or 100 billion to NorthEast is a plain waste, without seciurity you cant achieve infrastructural development, and infrastructure in a region with low human capital development is just a waste

Next time when Lamidi Kanu tells you not to collect PVC remember that politics is about numbers, majority always have their way, Shameless leaders in the East still don't have sense now, they are the least prepared for 2023, instead of fighting for Presidential Ticket in PDP they still want to be slaves to another willing Fulani

PS: to the Ibos quoting me, go on tweeter and quote your Governors, and National Assembly representatives and pour all your hatefull comment there


.

59 Likes 5 Shares

Re: Buhari’s $22.7 Billion Loan Spending Plan: $1.25bn For Abuja Rail, $500m For NTA by solmus: 11:23am On Mar 06, 2020
Witcher:
Space booked

angry if you talk jargons with your copy and paste we go have serious fight

13 Likes

Re: Buhari’s $22.7 Billion Loan Spending Plan: $1.25bn For Abuja Rail, $500m For NTA by Racoon(m): 11:26am On Mar 06, 2020
So what becomes of all the audio money generations, Abacha stolen monies, unremitted monies by MDAs as disclosed by office of the accountant general, ICPC, EFCC? Chronic debt pillage hence mortgaging Nigeria into more financial indebtedness.This is because debt servicing is not debt payment.

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Re: Buhari’s $22.7 Billion Loan Spending Plan: $1.25bn For Abuja Rail, $500m For NTA by jimyjames(m): 11:27am On Mar 06, 2020
And nothing for south east?

86 Likes 6 Shares

Re: Buhari’s $22.7 Billion Loan Spending Plan: $1.25bn For Abuja Rail, $500m For NTA by solmus: 11:29am On Mar 06, 2020
jimyjames:
And nothing for south east?

grin we would marginalize you till year 3023, besides you cant you see East-West road.. and we know your dream as an ibo man is always to cross river niger and come to the west to hustle

39 Likes 6 Shares

Re: Buhari’s $22.7 Billion Loan Spending Plan: $1.25bn For Abuja Rail, $500m For NTA by Officialgarri: 11:30am On Mar 06, 2020
smiley
Re: Buhari’s $22.7 Billion Loan Spending Plan: $1.25bn For Abuja Rail, $500m For NTA by raker300: 11:32am On Mar 06, 2020
jimyjames:
And nothing for south east?
only “vocational center” in enugu and nothing else.

We all know these monies won’t be used for any of these!!

These are just pay outs for Buhari and his friends.

Too bad the younger generation would be subjected to pay these debts they know nothing of

136 Likes 11 Shares

Re: Buhari’s $22.7 Billion Loan Spending Plan: $1.25bn For Abuja Rail, $500m For NTA by solmus: 11:32am On Mar 06, 2020
Racoon:
So what becomes of all the audio money generations, Abacha stolen monies, unremitted monies by MDAs as disclosed by office of the accountant general, ICPC, EFCC? Chronic debt pillage hence mortgaging Nigeria into more financial indebtedness.This is because debt servicing is not debt payment.

its too early to wail guy,

total abacha loot is $5bn total dasuki loot is $2bn, Allison Madueke $2billion, all this money are tied to court cases and Nigerians cant wait the length of the case before fixing power and rail

Lagos - Kano standard guage alone is more than anything abacha ever stole in his entire lifetime

45 Likes 4 Shares

Re: Buhari’s $22.7 Billion Loan Spending Plan: $1.25bn For Abuja Rail, $500m For NTA by solmus: 11:34am On Mar 06, 2020
raker300:
only “vocational center” in enugu and nothing else.

We all know these monies won’t be used for any of these!!

These are just pay outs for Buhari and his friends.

Too bad the younger generation would be subjected to pay these debts they know nothing of

read about how China EXIM bank loan works before you talk trash, no politician is tourching any kobo, they only supervise the projects as the money is being escrowed and paid to contractors upon completion of each phase of the project

40 Likes 4 Shares

Re: Buhari’s $22.7 Billion Loan Spending Plan: $1.25bn For Abuja Rail, $500m For NTA by XANDERBOY85: 11:36am On Mar 06, 2020
See why Senator Abaribe wanted a breakdown of how the entire loan would be spent! Can anyone in all honesty say this rubbish is fair to the south-east? Besides a $50 million vocational training centre that touches all regions of the country, and one or two general/national spendings, the south-east gets nothing else! But look at other regions, and see how they compare: in some instances, specific/stand-alone projects worth multi-millions of dollars are targeted for specific states! States like Kaduna, Taraba, Kogi as well as regions like south-west/north-west and south-south (east-west road and railway) were specifically mentioned!

Can neutrals now see why Igbos are fed up with this divisive, vindictive and bigoted Buhari gov't? Let no efulefu Igbo bastard in APC come and tell me Igbos are faring better under this evil regime and we should roll out the drums in celebration!

169 Likes 19 Shares

Re: Buhari’s $22.7 Billion Loan Spending Plan: $1.25bn For Abuja Rail, $500m For NTA by XANDERBOY85: 11:38am On Mar 06, 2020
solmus:


grin we would marginalize you till year 3023, besides you cant you see east west road.. and we know your dream as an ibo man is always to cross river niger and come to the west

Is east-west road in the south-east?

80 Likes 3 Shares

Re: Buhari’s $22.7 Billion Loan Spending Plan: $1.25bn For Abuja Rail, $500m For NTA by obailala(m): 11:38am On Mar 06, 2020
Mambilla dam, East West road, Calabar to PH rail, Lagos to Kano rail, upgrade of transmission infrastructure; if the borrowed funds can actually be used to complete these ones alone, then the loan is definitely worth it. I dont know about the other things on the list

$500m for NTA though? undecided

27 Likes 2 Shares

Re: Buhari’s $22.7 Billion Loan Spending Plan: $1.25bn For Abuja Rail, $500m For NTA by solmus: 11:39am On Mar 06, 2020
XANDERBOY85:


Is east-west road in the south-east?

Second Niger bridge is a major component that would gulp most of the money, in the east - west axis

7 Likes 1 Share

Re: Buhari’s $22.7 Billion Loan Spending Plan: $1.25bn For Abuja Rail, $500m For NTA by solmus: 11:40am On Mar 06, 2020
XANDERBOY85:
See why Senator Abaribe wanted a breakdown of how the entire loan would be spent! Can anyone in all honesty say this rubbish is fair to the south-east? Besides a $50 million vocational training centre that touches all regions of the country, and one or two general/national spendings, the south-east gets nothing else! But look at other regions, and see how they compare: in some instances, specific/stand-alone projects worth multi-millions of dollars are targeted for specific states! States like Kaduna, Taraba, Kogi as well as regions like south-west/north-west and south-south (east-west road and railway) were specifically mentioned!

Can neutrals now see why Igbos are fed up with this divisive, vindictive and bigoted Buhari gov't? Let no efulefu Igbo bastard in APC come and tell me Igbos are faring better under this evil regime and we should roll out the drums in celebration!

no sensible financial system would fund a project in a region prone to seccession , they just wont approve it, since their investment wouldn't be secured

each project approved in the loan, the financial instituition did proper risk accessment before putting their money down

26 Likes 2 Shares

Re: Buhari’s $22.7 Billion Loan Spending Plan: $1.25bn For Abuja Rail, $500m For NTA by Lagosfinder(m): 11:43am On Mar 06, 2020
South east not considered at all

34 Likes 1 Share

Re: Buhari’s $22.7 Billion Loan Spending Plan: $1.25bn For Abuja Rail, $500m For NTA by kayusely70(m): 11:48am On Mar 06, 2020
Amount allocated to health and education too meagre!

5 Likes 1 Share

Re: Buhari’s $22.7 Billion Loan Spending Plan: $1.25bn For Abuja Rail, $500m For NTA by solmus: 11:51am On Mar 06, 2020
kayusely70:
Amount allocated to health and education too meagre!

its not reasonable to borrow to fund education and health as this are not revenue generating sector of the economy

13 Likes

Re: Buhari’s $22.7 Billion Loan Spending Plan: $1.25bn For Abuja Rail, $500m For NTA by jieta: 11:52am On Mar 06, 2020
My only problem is that, will buhari be able to complete all this before his tenure elapse. Because every administration has his own philosophy.

14 Likes

Re: Buhari’s $22.7 Billion Loan Spending Plan: $1.25bn For Abuja Rail, $500m For NTA by jimyjames(m): 12:00pm On Mar 06, 2020
solmus:


grin we would marginalize you till year 3023, besides you cant you see East-West road.. and we know your dream as an ibo man is always to cross river niger and come to the west to hustle

Hope you south west and northerners will payback the loan ?

57 Likes 2 Shares

Re: Buhari’s $22.7 Billion Loan Spending Plan: $1.25bn For Abuja Rail, $500m For NTA by fergie001: 12:00pm On Mar 06, 2020
Some people make me laugh here.........


When you are slow, you are slow....

7 Likes 2 Shares

Re: Buhari’s $22.7 Billion Loan Spending Plan: $1.25bn For Abuja Rail, $500m For NTA by StaffofOrayan(m): 12:05pm On Mar 06, 2020
XANDERBOY85:
See why Senator Abaribe wanted a breakdown of how the entire loan would be spent! Can anyone in all honesty say this rubbish is fair to the south-east? Besides a $50 million vocational training centre that touches all regions of the country, and one or two general/national spendings, the south-east gets nothing else! But look at other regions, and see how they compare: in some instances, specific/stand-alone projects worth multi-millions of dollars are targeted for specific states! States like Kaduna, Taraba, Kogi as well as regions like south-west/north-west and south-south (east-west road and railway) were specifically mentioned!

Can neutrals now see why Igbos are fed up with this divisive, vindictive and bigoted Buhari gov't? Let no efulefu Igbo bastard in APC come and tell me Igbos are faring better under this evil regime and we should roll out the drums in celebration!


Bros these crap are not done in the name of Yoruba's. Besides the funds would be looted

5 Likes

Re: Buhari’s $22.7 Billion Loan Spending Plan: $1.25bn For Abuja Rail, $500m For NTA by Dereformer(m): 12:06pm On Mar 06, 2020
raker300:
only “vocational center” in enugu and nothing else.

We all know these monies won’t be used for any of these!!

These are just pay outs for Buhari and his friends.

Too bad the younger generation would be subjected to pay these debts they know nothing of


Even the proposed vocational center in Enugu will not be done.

Igbos will still be far ahead in low poverty rate because we have an instinct for survival.

55 Likes 1 Share

Re: Buhari’s $22.7 Billion Loan Spending Plan: $1.25bn For Abuja Rail, $500m For NTA by solmus: 12:08pm On Mar 06, 2020
Dereformer:



Even the proposed vocational center in Enugu will not be done.

Igbos will still be far ahead in low poverty rate because we have an instinct for survival.

story, story.. SouthEast is also facing poverty

.

7 Likes 2 Shares

Re: Buhari’s $22.7 Billion Loan Spending Plan: $1.25bn For Abuja Rail, $500m For NTA by jimyjames(m): 12:09pm On Mar 06, 2020
solmus:


our conquered people would pay, atleast we conquered them during civil war and Philip effiong begged us to accept them after Ojukwu ran off, so we plan to use the resources of the conquered region
Thought you afonjas claim Igbo's have no resources ?

26 Likes

Re: Buhari’s $22.7 Billion Loan Spending Plan: $1.25bn For Abuja Rail, $500m For NTA by Staro: 12:10pm On Mar 06, 2020
jimyjames:
And nothing for south east?


Buhari's hatred for South East
is disgusting

.

30 Likes 1 Share

Re: Buhari’s $22.7 Billion Loan Spending Plan: $1.25bn For Abuja Rail, $500m For NTA by tinsel: 12:12pm On Mar 06, 2020
jimyjames:
And nothing for south east?
It is not fair

7 Likes

Re: Buhari’s $22.7 Billion Loan Spending Plan: $1.25bn For Abuja Rail, $500m For NTA by jimyjames(m): 12:16pm On Mar 06, 2020
solmus:


we conquered more than resourceless tiny landlocked ShoutYeast

Lol how about the revenue generated in the resourceful land the Igbo's conquered?

No mans land?

13 Likes 1 Share

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