http://www.DLBNewsonline.com/

The Senate on Thursday gave nod to the $22.7 billion loan request by President Muhammadu Buhari, bringing Nigeria’s external debt stock to nearly US$50 billion, amid lawmakers and public’s concerns the approval was without scrutiny.

The government of President Buhari desperately needed the approval as African’s largest economy returns to the international debt market to shake off impacts of recession and finance the budget this year. Particularly, Nigeria’s ambition to close the infrastructural gap, including in power and transportation sectors, depends, largely, on project-tied Chinese loans.

About 70 per cent (that is, $17,065,496,773) of the new $22.7 billion loan bid will be coming from China’s EXIM Bank, Nigeria’s biggest bilateral lender in nearly two decades.

Apart from China, the other lending agencies are..... (continue reading) http://www.dlbnewsonline.com/dlb-news/22-7b-loan-nigeria-could-service-chinese-loans-till-2040


http://www.DLBNewsonline.com/

By the time these people are done with us Chad will be better place than Nigeria

The loans if put to good use, will yield much development and profit which will the proceedings will be used to service and pay off the debts.

I have no problem with loans once they are put to judicious use.

I just pity the unborn generations

Ok. So what are the advantages of serving the Chinese?

What a wasteful country!!
We're collecting a loan almost the size of our budget and there are no extensive timelines and project monitoring put in place to ensure judicious use.
A lot of the line items are purely abstract with no means whatsoever of measuring their implementation and impact.