Alhaji Atiku Abubakar, former Vice- President and Presidential candidate of the Peoples Democratic Party (PDP) in the 2019 general elections has asked President Muhammadu Buhari to apologise to Nigerians over the foreign loans which may compromise Nigeria’s future.

In a statement issued on Sunday by his media office, Atiku who said he has been raising alarm over the reckless borrowings by the Buhari administration added that the statement made by Rotimi Amaechi, Minister of Transport last week has further confirmed his fears.

“Two months ago, the former Vice President of Nigeria and PDP Presidential candidate in the 2019 election, Atiku Abubakar patriotically called the attention of the country to the reality of reckless borrowing by the present APC administration and how the terms of those loans could compromise the future of the country”.

“Expectedly, some managers of the party and even the government denied the allegations that he raised and also discount the warning for caution”.

“But, regrettably, just last week, a cabinet minister confirmed our fears. Now, we all are aware that Nigeria’s sovereignty may have been traded for foreign loans and God forbids our inability to service those loans, the lender country would take ownership of choice infrastructure on the Nigerian soil. No negotiation could be weaker than that!”

"Nigeria had a total foreign debt stock of $7.02 billion on May 29, 2015. Today, our foreign debt is $23 billion and rapidly rising. Debt, by itself, is not a bad thing. But debt budgeted for such unproductive ventures, like the proposed $500 million upgrade of the Nigerian Television Authority and other sundry bogus contracts, is debt that leads to death. To trade Nigeria’s sovereignty for this type of profligacy is the height of irresponsibility!"

"Atiku Abubakar has long advocated for a more robust engagement of the private sector and promotion of foreign direct investment as sustainable alternatives through which government could fund infrastructure development".

"But on the contrary, the Nigerian government under the banner of the All Progressives Congress threaded the direction of looking for cheap foreign loans in exchange for the sovereignty for Nigeria".

"Recall that former President Olusegun Obasanjo’s administration initiated a National Privatization Programme with the sole objective of ensuring that the private sector took some measure of influence in social investment portfolio and, in some instances, provided funding for infrastructure development".

There was nothing in that plan that traded Nigeria’s sovereignty for some cheap loans which, in the light of unfolding revelations of sleaze in some departments of government, would have ended in private pockets.

The government of the day and the APC must apologize to Nigerians and make an admittance of guilt for taking the country through the throes of subjugation to another country.
https://www.independent.ng/foreign-loans-why-buhari-apc-must-apologise-to-nigerians-atiku/

At least it is Nigerians they owe apology, not cameroonians.

But come, have you finally cum into the mouth of your miscreants?

and so what?

.

This dullard is what ipob line behind for president. He does not know what sovereign immunity is yet he foolishly let his errand boys write rubbish like this.

His entire write up is based on the premise that his supporters are lazy and dimwitted to know the joke is in them. Thief sold our national assets at peanut prices to corruptly enrich himself and cronies yet he still had the gall to refer to his disgraceful privatisation. Such a dirty crook

Apology u say..i don't blame u very soon u will join ur brothers in Cameroon........

Buhari is the worst looting president to date,,..,.

That should be Nigerians concern not someone from Cameroon....

Buhari Self Bleep up with that loan conditions.

Nigeria with a Young vibrant population and a lot of natural resources shouldn't be given such stupid loan conditions that is even less than 10% of the Nigerian GDP.

Nigeria is a country with a lot potential hindered by years of infrastructural decay and the cancer called corruption.

Otherwise, Financial institutions around the world should be falling over themselves to fund infrastructural development of Nigeria,

They're all after their pocket

Paid APC online influencers are trying to hijack the first page of this thread. The moderators should do something about such negative behaviour.

Atiku is very daft sha. How did Buhari exchange Nigeria’s sovereignty for cheap loans?

Apart from the part where he criticized the proposed NTA loan, he did not say anything sensible in the press statement. We are battling to educate wailers on the meaning of waiving sovereign immunity in a bilateral loan agreement and Atiku Abubakar, a former Vice President is also displaying this level of ignorance. How do we go about educating him?

Our heartless and shameless leaders including ATIKU ABUBAKAR looted our country's resources to secure the future for themselves and their children. Today in 2020, Nigeria doesn't have basic infrastructure that other developing countries take for granted. Now ATIKU wants FREE money from China, a country that preserved and managed its own money well including EXECUTING corrupt leaders like ATIKU.

Look my people, that Nigeria wasted its money fighting apartheid and running ECOMOG without any benefits, doesn't mean China will do the same. No way. There is no free lunch.

The truth is that given the widespread corruption of our leaders and political risks in Nigeria, no SERIOUS sovereign or international lender will give money to Nigeria now without tight conditions to recover at least the loan sum.

seunmsg:
Atiku is very daft sha. How did Buhari exchange Nigeria’s sovereignty for cheap loans?

Apart from the part where he criticized the proposed NTA loan, he did not say anything sensible in the press statement. We are battling to educate wailers on the meaning of waiving sovereign immunity in a bilateral loan agreement and Atiku Abubakar, a former Vice President is also displaying this level of ignorance. How do we go about educating him?

Obviously, Nigerians rejected that ignorant clown for many good reasons.

seunmsg:
Atiku is very daft sha. How did Buhari exchange Nigeria’s sovereignty for cheap loans?

Apart from the part where he criticized the proposed NTA loan, he did not say anything sensible in the press statement. We are battling to educate wailers on the meaning of waiving sovereign immunity in a bilateral loan agreement and Atiku Abubakar, a former Vice President is also displaying this level of ignorance. How do we go about educating him?

Atiku is only giving a better alternative of initiating a bid with internal private investors whom would go about the loan on a build/operate and transfer basis, rather than giving up sovereignty when one can't predict the future, most especially that of oil dependent economies..

It's not rocket science, its mere common sense.

Simplyleo:
At least it is Nigerians they owe apology, not cameroonians.

But come, have you finally cum into the mouth of your miscreants?

This is plain dumb... God.. how can one be this dumb.. jeez

Had you and your boss fixed the railway during your administration , there won't be need to take such loans now.

Someone like Atiku should bury his head in shame because he and his boss multiplied our problems in Nigeria as they had the opportunity to make positive history after democracy returned to Nigeria in 1999.

juvewalex:
Had you and your boss fixed the railway during your administration , there won't be need to take suchhu loans now.

If you could read, you could have seen where he stated they faced such similar scenario, they went to the internal private investors rather than sell out the Nation.

NGpatriot:




Obviously, Nigerians rejected that ignorant clown for many good reasons.

Exactly... and it led us to world poverty capital and a 200% increase in debt alongside 35m unemployed, I guess these are the good reasons.

How are you guys selected?.. they really do dig deep.

Esseite:


If you could read, you could have seen where he stated they faced such similar scenario, they went to the internal private investors rather than sell out the Nation.

who sold out your nation between those that looted your resources to keep or infest abroad and those who take lone from abroad to build Infrastructures in Nigeria? You hail those that starch away the nation resources but insulted those that take lone to build the nation.you hailed those that sold out Nigeria companies with long age infrastructures but insulting those that trying to build another one ? Do you expect China to give out their had earn money out without collaterals like how some of your leaders and you starch out the nation funds irrationally? Whot do you expect from China where many of you are regrouping to bring back those looter to the affairs of our nation? Pls you need to sleep and think about the kind of person you are.

Simplyleo:
At least it is Nigerians they owe apology, not cameroonians.

But come, have you finally cum into the mouth of your miscreants?

You comment like someone high on cheap drugs.

Your illiterate master is about to ruin this nation but I guess it's not really important to you since you must be poverty stricken.

Judging from your utterances you can't own more than one pair of shoes.

adekolaelect:
who sold out your nation between those that looted your resources to keep or infest abroad and those who take lone from abroad to build Infrastructures in Nigeria? You hail those that starch away the nation resources but insulted those that take lone to build the nation.you hailed those that sold out Nigeria companies with long age infrastructures but insulting those that trying to build another one ? Do you expect China to give out their had earn money out without collaterals like how some of your leaders and you starch out the nation funds irrationally? Whot do you expect from China where many of you are regrouping to bring back those looter to the affairs of our nation? Pls you need to sleep and think about the kind of person you are.

Why does the Nation have to bear the brunt when the private investors can absolve the whole risk on a BOT (build, operate, transfer) basis?..

What if oil remains relatively low, or the country cant afford to service such loans due to unforeseen circumstance? What happens...

We are talking of 20years debt service here, have you taken into consideration as mentioned in the write-up debt grew from 7bn to 23bn, imagine having to service loans despite such increase?..

We really need to do serious thinking.

Esseite:


If you could read, you could have seen where he stated they faced such similar scenario, they went to the internal private investors rather than sell out the Nation.

So, where is the railway or infrastructure they build with the funds provided by internal private investors?

Esseite:


Why does the Nation have to bear the brunt when the private investors can absolve the whole risk on a BOT (build, operate, transfer) basis?..

What if oil remains relatively low, or the country cant afford to service such loans due to unforeseen circumstance? What happens...

We are talking of 20years debt service here, have you taken into consideration as mentioned in the write-up debt grew from 7bn to 23bn, imagine having to service loans despite such increase?..

We really need to do serious thinking.

the China will take over the said project and realise their money before handing it over back to the corrupted Nigeria.you are talking as if the country can manage any infrastructure with the level of corrupted Nigerians mentalities without privatization .do you want China to give out their lone just like gift or you want government to reply on indigenous companies who all their aims is only to tap from government without any capital investment? You need to observe the environment before you talk of what Nigeria government can do in term of infrastructure and management of funds in Nigeria.

seunmsg:
Atiku is very daft sha. How did Buhari exchange Nigeria’s sovereignty for cheap loans?

Apart from the part where he criticized the proposed NTA loan, he did not say anything sensible in the press statement. We are battling to educate wailers on the meaning of waiving sovereign immunity in a bilateral loan agreement and Atiku Abubakar, a former Vice President is also displaying this level of ignorance. How do we go about educating him?

Why are you people following APC blindly & call people that refuse to do same ignorant.?
Amaechi admitted it live on TV & you are here ranting like a dog that just saw a ghost.

NGpatriot:




Obviously, Nigerians rejected that ignorant clown for many good reasons.

Nigerians never rejected him but your dullard in charge rigged himself into power & his Sharia judge Attorney general helped him finish the rest of the job.

History will not forget those who sold NEPA and started generator business.

Ole!

I wish as them even day borrow all this money them share am small small as palliative give us e for better
Even this one way nor want us to get light for him generator bizness to flourish still day talk
APC and PDP they are all the same
There was a country called Nigeria

If indeed the loans are cheap, then Buhari made a good decision taking them.