The Buhari’s administration has borrowed $2.02bn as loans from China from 2015, data obtained from the Debt Management Office on Monday showed.

According to the statistics obtained from the DMO, Nigeria’s total debt from China as of June 30, 2015 stood at $1.38bn.

However, as of March 31, the country’s debt portfolio from China had risen to $3.40bn.

According to the DMO, loans from China are concessional loans with interest rates of 2.50 per cent per annum, a tenor of 20 years and grace period (moratorium) of seven years.

The debt office said that the terms of the loans were compliant with the provisions of Section 41 (1a) of the Fiscal Responsibility Act, 2007.

The loans from China are tied to project. The projects, (eleven in number as at March 31, 2020), include the Nigerian Railway Modernisation Project (Idu-Kaduna section), the Abuja Light Rail Project, Nigerian Four Airport Terminals Expansion Project (Abuja, Kano, Lagos and Port Harcourt), Nigerian Railway Modernisation Project (Lagos-Ibadan section) and the Rehabilitation and Upgrading of Abuja-Keffi-Makurdi Road Project.

The DMO said the low interest rates on the loans reduced the interest cost to government while the long tenor enabled the repayment of the principal sum of the loans over many years.

However, as of March 31, a total of $719.61m had been made as debt service payment to China since the third quarter of 2015.

Of the amount paid as debt service, 46.15 per cent ($332.03m) was paid to service the interest on the loans.

In the first quarter of 2021, $102.19m was used to service debt to China. This is about 11 per cent of the total $1.0bn used to service external debts within the period.

The DMO recently disclosed that Nigeria had more than $5.83bn foreign loans that had been approved but not yet disbursed as of December 31, 2020.

Out of this amount, $1.25bn is supposed to come from the Export-Import Bank of China. Apart from multilateral agencies, China has remained the nation’s largest creditor.

There had been fears among Nigerians that the country may forfeit some of the projects in case of loan defaults.

The fear grew when the Minister of Transportation, Rotimi Amaechi, in August 2020, confirmed that the country waived its sovereign immunity to obtain Chinese loans.

The minister, however, added that as long as debts were repaid, there would be no need for China to claim any infrastructure.

“We must learn to pay our debts and we are paying, and once you are paying, nobody will come and take any of your assets,” he had said.

Despite the assurance, fear persists that the Chinese loans contain some obnoxious clauses that could breach the nation’s sovereignty especially as the loan agreements are not available in the public domain.

Amaechi denied knowledge of any clause that hands over a national asset to China in case of any default in an AriseTV interview on Monday.

He disclosed that the administration of Major General Muhammed Buhari had paid $150m out of the $500m borrowed by the administration of President Goodluck Jonathan for the Abuja-Kaduna Rail project.

The minister also commented on other issues such as the suspension of Bala-Usman and the impacts of the country’s Deep Blue Project on every Nigerian.

When asked about the plans of the Federal Government to pay back the loans so as to avoid the Zambian experience where some national assets such as the Kenneth Kaunda International Airport, the Zambia National Broadcasting Corporation and the National Power and Utility Company were reportedly used to settle Zambia’s financial obligations to China, Amaechi said borrowers should meet their obligations.

He said, “When you take loans, you are expected to pay back. Today we are paying back. Under the regime of President Goodluck Jonathan, the loan for Abuja-Kaduna was taken. It was about $500m. Today, we have paid about $150m on that loan.

“Nigeria has never defaulted when it comes to repayment. I do not also expect that we should default on any other loan that we have taken.”

While commenting on the status of the suspension of Ms Hadiza Bala-Usman from the Nigerian Ports Authority, he said, “I am not aware that I suspended Hadiza. I am not the president, and I do not have such powers. That power rests with the president.

“I am not aware that Hadiza was actually suspended. I suspect she was asked to step aside, to enable investigation to be carried out on NPA, not on her. We are investigating NPA.

“At the conclusion of the investigation, all the reports will be sent to the president who will then make a decision on the way forward.”

The minister also said that he was not aware of when the panel would finish and that it was in the hands of the panel.

Responding to how the $195m Deep Blue Project will affect all Nigerians who are not seafarers, he said, “What we have done with the Deep Blue Project is that we will reduce the cost of producing oil in Nigeria.

“By the time we provide security on the waters, the economy would improve because there would be more money coming into the economy. That is the impact it will have.”

He added that the company that handled the project guaranteed to refund of the money spent on the project if there was no improvement in the economy six months after the project.

Letusgivepeacea:
Hmm
This is too much ooo
Any hope for Nigeria after buhari?

contigiency:
At least for the first time in this country loans are sourced and tied to projects and those projects are being carried out. Not when some people were borrowing to pay salaries.

aremuforlife:

The loans are attached to project "infrastructure", Infrastructure is needed to develop a country, we need to stop creating unnecessary fears and tension. America is among the highest debtors in the world and they are not creating tension, you may say their economic is better than ours, that doesn't mean we are not doing better, Nigeria has the strongest economy in Africa. We need infrastructure to move forward. I will give my consent to borrow more for infrastructure.
All state capitals need to be connected with rail.

This is not a defence of Buhari. This is not an attack on GEJ. This is not a defence of fulani herdsmen. This is just a post outlining my opinion on why we have to take so much debt

gambia:
Buhari is doing well. Nigerians should brace up for hard times lie ahead, by the time Buhari and his deluded team members are done with Nigerians, even their gullible followers will prefer to stay in Somalia. Nonsense and Buhari with his zombies.

when the Minister of Transportation, Rotimi Amaechi, in August 2020, confirmed that the country waived its sovereign immunity to obtain Chinese loans.

[s]MANNABBQGRILLS:
Dem MANNABBQGRILLS : AKA DA truth in da building!

Truth is not bitter, just that some people are bitter to the truth.
Let us hit 'em with the bitter truth that is ALWAYS difficult for them to view or swallow one more time


Enemies of Nigeria, AKA, Children of hate, frustrations and perdition,

Who are you calling dictator ?

Ex- President Obasanjo removed Senate Presidents at will, removed any opposing voice, removed Fayose for a small insult, and removed Ladoja with thugs in Ibadan.
Who are you calling “DICTATOR”? BUHARI.

Ex-President Obasanjo withheld Lagos State fund for 3 years, not minding how Lagosians would eat, Yaradua got there and released the fund.

NASS members were abusing President Buhari openly, messing up everything at will; Gov. Fayose has been abusing President Buhari for 4 years now.
Not a single State in Nigeria has been denied their constitutional rights because of politics till date, all their funds, Paris fund and bail out, FAAC etc.
But who is the DICTATOR? BUHARI.

Ex-President Jonathan ensured that NASS opposition members were locked out including Tambuwa the Speaker of the house.
They had to climb gate to gain access.

Jonathan empowered OPCs in Lagos and they were destroying anything in Ikorodu to Ojota that looked like opposition party.
Orga of DSS was used to invade APC secretariat, Journalist arrested and Newspapers siezed, we forgot all these….

Ekiti was militarised, Fayose was given power from Aso rock to order Military guys at will.
Fayemi the incumbent at that moment was rendered powerless that he was shouting when Police commissioner was used by PDP and a guy was shot…All these videos and pictures are still here (google is your friend).
But who is the dictator? BUHARI.

Ex-President Jonathan met FX+ECA at $62 billion+. He DEPLETED it to less than $30 Billion in 5 years Jonathan sold crude oil for 5 years at an average of $100 per barrel of 2.2 million daily (2010-2014). Did he add a DIME to Nigeria purse in 5 years? NO.

Buhari the ILLITERATE sold oil at an average of $50 of less than 700,000 barrel at some points because of militancy, yet had moved that FX to $47 Billion in 3 years.

Don’t say how much did he borrow if you don’t even have the figure borrowed between 2010-2015 without adding a dime to FX.

Who is the ILLITERATE? BUHARIIII. Jide Omokore, Aluko and oil goddess Alinson made an oil deal of N1 trillion and chose not to remit to Nigeria under GEJ. Did anyone raise eyebrow?

INTEL of Ex-Vice President Atiku refused to remit to Nigeria Ports Authority (NPA), not until last year that “ordinary” Hadiza the NPA boss challenged INTEL and insisted the funds must be remitted.

A Christian Professor had been leading JAMB all through Obasanjo to Jonathan yet for 40 years of JAMB; only N52 Million was remitted to FG.

A Muslim Professor who was appointed just in two years of handling JAMB remitted over N15 Billion. FIFTEEN BILLION. So who is following after righteousness?

For five years of Okonjo Iweala was paying over 45,000 ghost workers unabated, yet just within 3 years, “ordinary” Kemi Adeosun removed such nonsense…I ask again who is more effective?

Ordinary Abuja metro lane took 11 years from OBJ period that he INITIATED i
Ordinary intra-city metro lane o, but President Buhari that finished is within 3 years is the failure abi?

“Which project did President Buhari INITIATE and COMPLETE in 3 years yen-yen-yen”.
Mention any major project INITIATED AND COMPLETED in 3 years of Ex-President Obasanjo, or Ex-President Yar’Adua or Ex-President Jonathan?

So on what parameters are you using to judge 3 years of President Buhari INITIATING AND COMPLETING? Even PDP can’t finish their own secretariat let alone that which belong to NIGERIA.

Lagos-Ibadan road since Ex-President Obasanjo era till Ex-President Jonathan could not be finished.
In 3 years of President Buhari, the road is receiving serious attention.
Ask those who ply that road and those who go for Holy Ghost Congress monthly about
the difference in pace of work.
Wait, even Otuoke road in Bayelsa had to wait till President Buhari now starts to do the road.
Who is the failure? Can it be BUHARIIII.

What about “Almajiri School in the North? WHERE exactly are these Schools SITUATED in the North? OK, show us the picture.

Emm, 2nd Niger Bridge?
Lol, they completed it on the MAP, yet Fashola is on it PHYSICALLY now.

Did Buhari fail on security issue in Benue? YES. Did others before him fail on the same security issue in Benue? YESSS.
So where did you get all these noise of “Fulani President” is helping herdsmen?

Who was the President during Jos crisis, herdsmen killing people in Zamfara in 2013, Odi massacre, Kaduna crisis?
You think death suddenly started because President Buhari was a Fulani man?
That he failed in that is one thing, but that YOU are making a narrative of “Fulani President” is giving herdsmen power is funny.

January 1, 2018 in Omoku, Rivers State, Christians were coming from Church; cultists from the South South killed their own people.
You know why there was no serious noise by CAN and you?
You could not link it to President Buhari’s herdsmen or Fulani herdsmen.
The same WIKE that did not drop a million to support the families of those bereaved in his constituency (State) went to Benue State to donate N20 Milliion and you hailed him

Kidnapping of School children in Lagos; Badoo issue in Lagos; Crisis in Kaduna.
Who did you call on? Ambode the Governor of Lagos and El-Rufai of Kaduna.
When crisis happened in River State and Benue State, who did you shout about? President Buhari the herdsmen.
What about your Bishops, Pastors and Imans that made Aso Rock their abode between 2010-2015? What did they negotiate for the body of Christ or common citizens?
Yes, they got their jets; they got waivers and Universities all PERSONAL.
Now that the tap to fuel their jets and lifestyles had stopped, all they tell you from the pulpit is “LIES and Prophelying“.
Your anointed ones keep saying ANNOYING THINGS, yet you can’t query their lies?

Wait, I remember again your problem with President Buhari fighting corruption selectively.
So, mention ONE name among those in EFCC case without a case to defend.
If your hero Presidents had fought corruption with one leg, by now shebi it is the second leg that President Buhari will be fighting.

So what is your problem with the corrupt facing the music?
Oh, how about blablablabla.
If President Buhari did not catch them, somebody else will.
But stop crying in defence of the corrupt being asked to face the music.
If your uncle is corrupt, tell him to face it, and stop shouting how about other thieves.

I know you lost your job because Ex- President Jonathan lost out and your job with Mama Patience was terminated.
But stop using your personal loss as a yardstick for Buhari’s achievement.

Under your hero, several young Nigerians were SCAMMED by Boro collecting money from them for Job, in the process killing many young Nigerians.
Ex-President Jonathan cannot even sack him. So what do you want the families of those who died when Ex-President Jonathan scammed them of Jobs to do? Stop crying and face life.

For your information, all those lies about “hidden agenda” can only fly on you because they know you are biblically illiterate.
I even saw somebody hailing Femi-Fani Kayode for being the voice for the Church. Haaaaaa, abomination. Abeg make I stop here jare.

Your plan B, C and D of ruinous economy, escalated insecurities and secession bids will fail and Nigeria shall rise again in the committee of great nations.

GOD BLESS NIGERIA.

Nigeria will bless those that blesses and pray for her and for the her enemies that curse her daily, she will deal with them by herself!

We Rise![/s]