Debt Management Office Confirmed PDP And Reno Omokri are lying on who obtained the loan for Lagos-Ibadan Railway Project.

Buhari regime borrows $2.02bn from China in six years



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.


https://punchng.com/buhari-regime-borrows-2-02bn-from-china-in-six-years/

Which lie? Did Buhari and his people borrowed money or not? What a country rule by unfortunate people!

I don't like this news

LIU

This government is tied to unnecessary debt.

Interesting

Just to put the consessional loans we have with China in perspective.
It is akin to a man who bought a plot of land in Banana Island many years ago for 100k. The present value of the land is say around 1 billion. However he does not have the money to build a befitting house on the land and also does not want to sell the land.
So he approaches a rich man or a bank for loan. 5 billion naira loan to be able to build the kind of house fitting for an estate like that. The rich man is about to send him away but out of courtesy ask him what on earth he is doing with that kind of money and most importantly how he intends to pay him back his money.
So the poor man drops the bombshell and announces he has a plot of land in Banana Island. How? the rich man will ask, considering the present cost of land in the area.
The poor man explains how he bought it when no one knew the future. If he is able to convince the rich man that he is the real owner of the land, then the rich man will have a decision to make.
No one hands 5 billion to a man with no credit rating who has probably never seen 5 million before.
So the rich man says, go and raise 5 million from somewhere, and we can build a 10 billion naira house instead of this 5 billion you want.
Also, we will finish the project from start to finish with our money, yours is just to bring that 5 million to show that you are serious about the project.
The poor man brings his counterpart funds of 5 million and signs the loan papers of 2% loan PA for 20 years. Compare that with other loans of 25% PA.
The only thing he has to do is to be servicing the loan as at when due.
He can also come and inspect the project at will. This to me is a good deal if you ask me.

The major difference between IMF/ worldbank loans and these counterpart funding loans is that you can easily steal IMF loans but Chinese loans are tied to very specific physical projects.

Nigeria confusing Nigerians....

There’s a problem

Ignore this news, it's coming from a brainless zombie

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longetivity:
Ignore this news, it's coming from a brainless zombie

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Please help us ask them what they did with te $65bn they left behind in 2015? The debt was $30bn in 2010 and $12bn in 2006 after the debt forgiveness of some of our loans!