₦airaland Forum

According to Brekete family, the past administration has mortgaged our lives with crude oil swap for a whooping $3billlion loan . Though I've heard this story , but this revelation makes me want to ask Mele Kyari to come defend himself and tell us if we still have crude for sale pic.twitter.com/AsWGkHYil6

— Anthony Ada Abraham (@Giftedceleb) August 13, 2024

okrote4real:
According to Brekete family, the past administration has mortgaged our lives with crude oil swap for a whooping $3billlion loan . Though I've heard this story , but this revelation makes me want to ask Mele Kyari to come defend himself and tell us if we still have crude for sale.

And why hasn't the current President Bola Ahmed Tinubu investigated and cancel the deal if it's not in the interest of Nigerians ?
19

seunmsg:
Cancel the deal how? So you think the president can wake up one day and cancel Nigeria’s loan obligations?

See, it’s a loan and we have to pay back with crude oil. It is nothing new as the Tinubu administration also took a similar loan from AFREXIM Bank last year.

Racoon:
Now what has been the socio-economic effects of such burdensome loans or spurious borrowings upon this nation? More economic problems.

No wonder two crooked criminals leagued together to willfully bastardized a nation without remorse with deranged fellas cheering them on.

Racoon:
Now what has been the socio-economic effects of such burdensome loans or spurious borrowings upon this nation? More economic problems.

No wonder two crooked criminals leagued together to willfully bastardized a nation without remorse with deranged fellas cheering them on.

okrote4real:
And why hasn't the current President Bola Ahmed Tinubu investigated and cancel the deal if it's not in the interest of Nigerians?

Tallesty1:
He promised to continue from where Buhari stopped 😂 😂

princepeter566:
and he's doing exactly that.
This is the only promise tinubu kept.
Evil president, useless supporters

seunmsg:
lol. To start with Buhari started taking the loans after COVID-19 global pandemic. There was a global lockdown and economic slowdown that caused crude oil to go as low as $1. Despite the crash in Revenue, Nigerians kept asking for more. Petroleum subsidy must be funded. University education must remain free and fully subsidized. FG must keep giving free money to the poor under the social investment scheme. Electricity subsidy must continue. FG workers must be paid regularly. Payroll support to struggling businesses was approved. The exchange rate as at that time must remain pegged at N460 and not be floated. Insurgency and banditry must be combated. Etc.

So, do you guys think the money was coming from? The moon? Agulu? You jokers don’t know shit about anything. It’s even funny you’re asking me about the economic impact of a $3billion loan in a country of over 220 million people who want every damn thing to be free. Do you guys even know what you’re talking about?

See, Nigeria is a poor country and there is no magic anyone can do except we brace up and implement stringent but painful reforms to expand our economy. Crying and pointing won’t solve anything. Get behind the president’s reform agenda and let’s change the economic trajectory of the country together.

princepeter566:
and he's doing exactly that.
This is the only promise tinubu kept.
Evil president, useless supporters

seunmsg:
He promised student loan, it’s now a reality.
He promised consumer credit, it’s now a reality.
He promised to remove subsidy, it was done on day one.
He promised to stop the multiple exchange rates regime and the corruption in the system, he did just that.
He promised to increase oil production. Today, we have moved from 900k to 1.5million bpd.

seunmsg:
lol. To start with Buhari started taking the loans after COVID-19 global pandemic. There was a global lockdown and economic slowdown that caused crude oil to go as low as $1. Despite the crash in Revenue, Nigerians kept asking for more. Petroleum subsidy must be funded. University education must remain free and fully subsidized. FG must keep giving free money to the poor under the social investment scheme. Electricity subsidy must continue. FG workers must be paid regularly. Payroll support to struggling businesses was approved. The exchange rate as at that time must remain pegged at N460 and not be floated. Insurgency and banditry must be combated. Etc.

So, where do you guys think the money was coming from? The moon? Agulu? You jokers don’t know shit about anything. It’s even funny you’re asking me about the economic impact of a $3billion loan on a country of over 220 million people who want every damn thing to be free. Do you guys even know what you’re talking about?

See, Nigeria is a poor country and there is no magic anyone can do except we brace up and implement stringent but painful reforms to expand our economy. Crying and pointing fingers won’t solve anything. Get behind the president’s reform agenda and let’s change the economic trajectory of the country together.

seunmsg:
He promised student loan, it’s now a reality.
He promised consumer credit, it’s now a reality.
He promised to remove subsidy, it was done on day one.
He promised to stop the multiple exchange rates regime and the corruption in the system, he did just that.
He promised to increase oil production. Today, we have moved from 900k to 1.5million bpd.

Kukutenla:
He promised to make $1 to N300...... big fat lie.
He promised to revamp the economy....... ongoing
He promised jobs........ some created already, others to come.
He promised to tackle insecurity....... Abuja- Kaduna is now free of kidnappers. It’s also an ongoing effort.
He promised to tackle corruption......... oil sector and dollar racket are being dismantled. It’s an ongoing effort.
He promised restructuring...... LGA autonomy achieved, State police and constitutional amendments on the way.
He promised devolution of powers....... LGA already achieved.
Besides, you're lying about oil production

Brendaniel:
So what has Tinubu being taking loans for?

Tinubu has taken approximately 5 billion dollars worth of external loans in just one year, this is excluding ways and means from CBN and already has more in line that we are told are coming this year...

So what exactly is he taking more loans for when there is no pandemic like you justified Buhari's own, at the same time Nigerians are paying far for tax, tariffs and petroleum, gas and so on..

What is the reason for the excessive loans in a country without pandemic?

seunmsg:
$7b debt the aviation industry and foreign banks for our unpaid Letters of Credit has been cleared. Foreign reserve has moved from less than $30b to $37billion. We are very close to macro economic stability.

Brendaniel:
Do you know Nigeria is currently owing about 10 billion dollars worth of crude oil to Afrexim bank for just one of the loans Tinubu took for 3 billion dollars? we have not talked about the others, do you know how much Nigeria will owe if Tinubu continues in this path?

Compare the debt to whatever he claims he is doing and see the difference ....

seunmsg:
As par the part in bold, I don’t know. Please bring up evidence to support your claim. Where did you get the $10b from?

seunmsg:
As par the part in bold, I don’t know. Please bring up evidence to support your claim. Where did you get the $10b from?

Brendaniel:
Read the entire content, do the maths also for yourself and see, it is actually over 10billion dollars...

https://www.nairaland.com/7958474/nigeria-pay-11.85-interest-3.3bn

seunmsg:
That’s a very serious misunderstanding/ misinterpretation of the agreement. It’s a pledge and not the actual. It’s just like a budget which is an estate.

The loan has an interest rate of 11.8% and 90k bpd for 5 years was pledged. In agreement like that, the price is always negotiated at a far lower rate because of the volatility of the price. However, payment are done and calculated in actual price and repayment can be far less than 5 years in as much as price remain above the contract price.

We are not going to give AFREXIM bank 90k bpd of crude oil for 5 years guaranteed at the contract price or far less than that if price is above the contract price. It is just a pledge at a very low price. Once the principal and the annual interest rate of 11.8% is fully repaid, the loan ends. Oil price has been steady above $70 Pb this year so there is nothing to worry about. We are not going to pay more than $5b to fully liquidate the loan.

Brendaniel:
where in the contract is $5billion written, provide evidence, Nigeria is paying about 12 billion dollars worth of crude, Provide evidence to your claim....