₦airaland Forum

e pain dem...ntor

Stupid of gbajiamila too. In what capacity is he writing?

Guess you have been on holiday? and did you read the original post or just figured me out cos i'm not supporting uncle gbajanubu?


House of Representatives Majority leader Femi Gbajabiamila has described Ekiti State Governor Ayodele Fayose as a meddlesome interloper following the letter he wrote to Chinese President Xi Jinping on the alleged $6 billion loan sought by Nigeria from China.

Akshow:
Nigerian didn't borrow money. It was a currency swap deal.

when APC asked USA not to sale weapons for us to fight boko boys is not sabotage ,I beg majority leader go rest

You no well.

younowell:
e pain dem...ntor

sammieguze:
Hmmmm

Everyone is talking just to stay in the news.

Bunch of attention seekers

No mind the Lagbaja
What felony Fayose committed, that he was against government that claimed they recovered 3 trillion from borrowing money from foreign land so that our future generation will not be enslaved.

God bless Fayose!
God bless Nigeria!

Akshow:
Nigerian didn't borrow money. It was a currency swap deal.

Even you !

Hmmmm

bros no mind them oooo

luvinhubby:
Even you !

you're absolutely right,you got it right Sir my role model.if he lost the house leader that does not underrate his political ambition, tomorrow he can be the Senate president .losing a post to someone else does not mean you're incompetence...... watch out for Hon Tunde Akindahunsi @MHR

Akshow:
Nigerian didn't borrow money. It was a currency swap deal.

Bros! Leave that thing.
They told us they were going to China to borrow money, it was after the altercation caused by Fayose made them to re-name it as SWAP.

If they had good intention of borrowing money why sudden change of mind?
They tot every Nigerian na zombie but never knew that One man can speak on behalf of Nigerians

I blame our youths sha!

These guys are embarrassing themselves, their tribes and this nation. I think they are from the same region and of the same culture. There should be a medium to sort this madness out. I hate it when siblings betray each other because of politics (Artificial creation) Chinese will be looking at Nigerians and her politicians as bunch of clowns.
What a shame!!!

I am outta her...it sucks to be here

justmenoni:
Guess you have been on holiday? and did you read the original post or just figured me out cos i'm not supporting uncle gbajanubu?


House of Representatives Majority leader Femi Gbajabiamila has described Ekiti State Governor Ayodele Fayose as a meddlesome interloper following the letter he wrote to Chinese President Xi Jinping on the alleged $6 billion loan sought by Nigeria from China.

even what u quoted says "alleged".

This swap deal isn't rocket science. It is a swap deal not a loan Or if you prefer the ‘technical’ name — Bilateral Currency Swap Agreements. Depending on who initiates the swap, a simplified version will work something like this.

Nigeria wants to make life easier for its traders who buy a lot of stuff from China. As Nigeria doesn’t sell much to China, it is not easy for the CBN to build up Chinese Yuan reserves. This means that for any trader who wants to buy stuff from China, they have to get prices in dollars. This adds costs and risks given that the person in China giving the quote has to convert Yuan to dollars before sending to Nigeria, bearing in mind the risk of currency moves affecting his bottom line. The Nigerian guy then has to buy dollars to make the payment to him. From the point of view of the CBN, this is extra dollar demand that can be avoided.

So CBN approaches the People’s Bank of China (PBOC) and asks to set up a swap. Xe.com tells me that 1 Chinese Yuan is currently worth about N30. So for the sake of simplicity, let’s say CBN offers to swap N30bn for Y1bn. Both of them agree an exchange rate on the day of the swap (N30 to Y1) and they make the transfer.

Now that CBN has some Yuan, it can then sell it to Nigerian banks in the same way it sells them dollars. The Nigerian trader can then tell his Chinese trading partner to give him a quote in Yuan instead of dollars. Once he has the Yuan quote, the trader can then go to a Nigerian bank and make a request for Yuan in the same way he used to make requests for dollars. Instead of the headache of dealing with 3 currencies, the dollar element is now removed and we have a normal 2-way quote.

This takes off some dollar demand pressure as people who want to buy stuff from China can face their Yuan squarely while the dollar people face their dollars. At least we get to know who is who. All of this is, of course, conditional on the amount of Yuan being swapped.

But what are the Chinese guys going to do with their N30bn? Same thing — they can now pay in naira for anything they buy from their Nigerian trading partners. Gerrit?

victorazy:
Bros! Leave that thing.
They told us they were going to China to borrow money, it was after the altercation caused by Fayose made them to re-name it as SWAP.

If they had good intention of borrowing money why sudden change of mind?
I blame our youths sha!

Thank God u are now aware it's a swap deal. If u still choose to see it as a loan u are on ur own.

Been wondering how long it will take before someone addressed this man's excesses officially.
My question is, what is the penalty for economic sabotage against the Nation and doesimmunity come into play here ?

oga leave story...gbajunu said 6bn dollars loan and this was the samething oyegun,oni et al are all saying..why are you trying to justify it by implying its swap deal? anyway how far u don see fuel buy?

Akshow:
even what u quoted says "alleged".

This swap deal isn't rocket science. It is a swap deal not a loan Or if you prefer the ‘technical’ name — Bilateral Currency Swap Agreements. Depending on who initiates the swap, a simplified version will work something like this.

Nigeria wants to make life easier for its traders who buy a lot of stuff from China. As Nigeria doesn’t sell much to China, it is not easy for the CBN to build up Chinese Yuan reserves. This means that for any trader who wants to buy stuff from China, they have to get prices in dollars. This adds costs and risks given that the person in China giving the quote has to convert Yuan to dollars before sending to Nigeria, bearing in mind the risk of currency moves affecting his bottom line. The Nigerian guy then has to buy dollars to make the payment to him. From the point of view of the CBN, this is extra dollar demand that can be avoided.

So CBN approaches the People’s Bank of China (PBOC) and asks to set up a swap. Xe.com tells me that 1 Chinese Yuan is currently worth about N30. So for the sake of simplicity, let’s say CBN offers to swap N30bn for Y1bn. Both of them agree an exchange rate on the day of the swap (N30 to Y1) and they make the transfer.

Now that CBN has some Yuan, it can then sell it to Nigerian banks in the same way it sells them dollars. The Nigerian trader can then tell his Chinese trading partner to give him a quote in Yuan instead of dollars. Once he has the Yuan quote, the trader can then go to a Nigerian bank and make a request for Yuan in the same way he used to make requests for dollars. Instead of the headache of dealing with 3 currencies, the dollar element is now removed and we have a normal 2-way quote.

This takes off some dollar demand pressure as people who want to buy stuff from China can face their Yuan squarely while the dollar people face their dollars. At least we get to know who is who. All of this is, of course, conditional on the amount of Yuan being swapped.

But what are the Chinese guys going to do with their N30bn? Same thing — they can now pay in naira for anything they buy from their Nigerian trading partners. Gerrit?

Where was Gbajabiamila when Murtala Nyako was a governor of Adamawa state? What was Gbajabiamila's opinion as outspoken member of the 7th national assembly when Nyako sent a letter to int'l community to stop sales of ammunition to Nigeria as requested by GEJ to fight terrorism? As Foyese done anything differently from what Murtala Nyako did? Why are these APC guys are so hypocritical?

Arjeeni:
•’Fayose’s letter amounts to sabotage’

House of Representatives Majority leader Femi Gbajabiamila has described Ekiti State Governor Ayodele Fayose as a meddlesome interloper following the letter he wrote to Chinese President Xi Jinping on the alleged $6 billion loan sought by Nigeria from China.

In a letter to the Chinese leader yesterday, Gbajabiamila said Fayose ignorantly overreached himself and wilfully breached the constitution by failing to defend the oath he swore to.

The House leader, who said members of the lower chamber were worried by the flagrant abuse of office by Fayose, however, asked the Chinese leader to ignore him as he showed lack of understanding of the workings of the federal system of government.

It reads: “My attention has been drawn to a letter written to you by a governor of one of the states of in Nigerian, wherein the governor purported to speak on behalf of the Nigerian people, describing himself as a stakeholder in the Nigerian ‘project’.



“Ordinarily, I would not join issues with the governor but as the leader of the House of Representatives, I am saddled with the responsibility of driving government business and policies in the House.

“It is, therefore, incumbent upon me to set the records straight, though I am sure the letter written to you by the governor will probably receive little (if any) attention from your high office, assuming it even gets to you.

“Mr. President, Nigeria as you well-know is not a project as erroneously described by the governor, but a nation as all others in the comity of nations. It is also a federal republic operating under the principles of administrative and fiscal federalism.

“As such, as most democracies with a federal structure, Nigeria operates a three-tier government and adheres to the principle of separation of powers, which is both vertical and horizontal. Horizontal between the Executive, Legislative and Judicial branches and vertical between the federal, state and local governments.

“To this extent, it is a clear affront on our constitution and ultra vires his mandate for a governor of a federating state to delve into any matter outside his state, particularly as it concerns international agreements between two sovereign nations.”

The letter added: “Therefore a governor who overreaches himself and acts outside his constitutional mandate can at best be described legally as a meddlesome interloper…

“Finally Mr. President, yes we are a democratic nation and yes citizens do have a right to freedom of expression (though not absolute), however this letter to you by an opposition governor is a new low in opposition politics.”

“What the state governor has done amounts to attempted economic sabotage and subversion. I ask, therefore, that you excuse the vituperations and exuberance of the governor as just that,” it said.

http://thenationonlineng.net/gbajabiamila-writes-chinese-leader%E2%80%A2fayoses-letter-amounts-sabotage/

Wrong use of phrase. The text in bold font is only suitable for use when referring to legal treaties among nations.

Gbajabiamila betrayed his sister Adeola and helped Tambuwal to become speaker. Instead of Tambuwal to support him in return, Tambuwal called him incompetent to his face and he couldn't utter a word.


Nansense man called Gbajabiamila.

Akshow:
even what u quoted says "alleged".

This swap deal isn't rocket science. It is a swap deal not a loan Or if you prefer the ‘technical’ name — Bilateral Currency Swap Agreements. Depending on who initiates the swap, a simplified version will work something like this.

Nigeria wants to make life easier for its traders who buy a lot of stuff from China. As Nigeria doesn’t sell much to China, it is not easy for the CBN to build up Chinese Yuan reserves. This means that for any trader who wants to buy stuff from China, they have to get prices in dollars. This adds costs and risks given that the person in China giving the quote has to convert Yuan to dollars before sending to Nigeria, bearing in mind the risk of currency moves affecting his bottom line. The Nigerian guy then has to buy dollars to make the payment to him. From the point of view of the CBN, this is extra dollar demand that can be avoided.

So CBN approaches the People’s Bank of China (PBOC) and asks to set up a swap. Xe.com tells me that 1 Chinese Yuan is currently worth about N30. So for the sake of simplicity, let’s say CBN offers to swap N30bn for Y1bn. Both of them agree an exchange rate on the day of the swap (N30 to Y1) and they make the transfer.

Now that CBN has some Yuan, it can then sell it to Nigerian banks in the same way it sells them dollars. The Nigerian trader can then tell his Chinese trading partner to give him a quote in Yuan instead of dollars. Once he has the Yuan quote, the trader can then go to a Nigerian bank and make a request for Yuan in the same way he used to make requests for dollars. Instead of the headache of dealing with 3 currencies, the dollar element is now removed and we have a normal 2-way quote.

This takes off some dollar demand pressure as people who want to buy stuff from China can face their Yuan squarely while the dollar people face their dollars. At least we get to know who is who. All of this is, of course, conditional on the amount of Yuan being swapped.

But what are the Chinese guys going to do with their N30bn? Same thing — they can now pay in naira for anything they buy from their Nigerian trading partners. Gerrit?

Oga forget this episodeyou wrote here. Nigerian government should focus and develop local product just like the last government was trying to do. We have been buying good from China, it was not today's affairs.

War2war

IS IT REALLY IMPORTANT THAT GBAJABIAMILA WRITES HIS ALSO? MTCHEW!
NIGERIA, NA SO YOUR LIFE COME BEND!

Akshow:
Thank God u are now aware it's a swap deal. If u still choose to see it as a loan u are on ur own.

I will not believe cuz I refused to be a zombie!

DrWise:
Please who Is supposed to pay Land Use Charge? Landlord or tenant?

My landlord is forcing me to pay and I have told him never.

It depends on the tenancy agreement. If the agreement says you should be the one to pay and you signed the agreement you can't complain now.

kenonze:
Fayoshe is no longer news worthy,
Lets ignor him

Are u sure, wen even the presidency replied him.

Gbajabiamila, please there so many things Nigerians are passing through right now you can write to support them.

I can just imagine the Chinese people laughing at us.

victorazy:
Oga forget this episodeyou wrote here. Nigerian government should focus and develop local product just like the last government was trying to do. We have been buying good from China, it was not today's affairs.

u have been buying from China in dollars and now you can do that in yaun.

sammieguze:
Hmmmm

Everyone is talking just to stay in the news.

Bunch of attention seekers

You dey mind him? Fayose governs a state while he is what? Majority leader in the lower house. Secondly, has he written as Hon Gbajabiamila or as the spokesperson of the house of rep? Is he not meddlesome by so doing? And for him to say it was a low point the way PDP plays politics. I'm very sure he did not hear himself if not he would have cringed. Politics was decently played all these while until APC threw all decorum away in their desperation to gain power. Who these ones dey represent self? Na wa. They keep playing politics while we suffer on the street. I just pray that this country gets better in the near future. Don't know how God is going to do it but we are tired.

Arjeeni:
Oyah lalasticlala compares the two letters.
I dont want to belief that Fayose as he is having bad mouth can as well bad in writing skills

So,Gbajabiamila has no special adviser or someone who can write well for him. For heaven sake,he forwarded this same nonsense to a world leader.Shame on our senators that gets to power through bribe and back door.Shame! Fayose composed his own write up professionally.

Bitterleafsoup:
But what about when Buhari called Nigerians criminals?
At least I found out why our President was really in China.....

Correction my sweet soup, PMB didn't call nigerians criminals. He called those nigerians living illegally in foreign countries criminals, not me and you and those who earn honest living abroad.

There's a fine line between the two my dear.

justmenoni:
why should nigeria be borrowing ordinary 6billion when billions upon billions of dollars has been returned and trillions of naira has been returned as well...why are they not disputing this fact from fayose?

You are right!

Fayose said Oyegun, Oni and Prof Itse Sagay lack moral rights to complain about criticism of President Mohammadu Buhari

– Fayose said Buhari’s non-signing of any direct loan agreement with the Chinese government is a vindication of his position

Special assistant to the Ekiti state governor on public communications and new media, Lere Olayinka has described the All Progressives Congress (APC) national chairman, Chief Odigie Oyegun, deputy national chairman, Chief Segun Oni and others’ criticism of governor Ayodele Fayose’s letter to the Chinese government on the $2 billion loan sought by the federal government as brazen display of political hypocrisy.

He described President Buhari’s non-signing of any direct loan agreement with the Chinese government during his visit as a vindication of the governor’s position, maintaining that:
“what Nigeria needs is the collaboration of the Government of China in the area of technology transfer, rather than granting loan that will be mismanaged under the guise of building infrastructure.”

In a statement issued in Ado Ekiti on Monday, the governor’s spokesperson said: “people like Oyegun, Oni and Prof Itse Sagay lack moral rights to complain even if President Mohammadu Buhari is called whatever names because they never complained when as a sitting president, Dr Goodluck Jonathan was called unprintable names by APC stalwarts and leaders.”
Olayinka, who said governor Fayose only exercised his rights as a Nigerian, asked: “where were the likes of Oyegun, Oni, Prof Itse Sagay and others when APC promoted crude politics and anti-Nigeria posturing to an unprecedented level when Peoples Democratic Party (PDP) was in power?”
He said: “It is on record that APC wrote to the United States of America not to sell arms to Nigeria, reported the country to the European Union, United Nations and went to the bizarre extent of reporting the then Chief of Army Staff, Azubuike Ihejirika, to the International Criminal Court (ICC), not for committing the kind of genocide committed against the Shiite Muslims in Zaria and Agatus in Benue, but for killing Boko Haram insurgents.

“On one occasion, a certain APC stalwart insinuated that Jonathan’s visit to Chad was to plan further attacks on the North, tweeting that; ‘Boko Haram: Jonathan visits Chadian President Idris Deby for the second time in two months, to plan further attacks?’

“It is also on record that instead of lending his voice to the federal government efforts to dislodge Boko Haram insurgents, President Buhari opted to describe the clampdown on Boko Haram as injustice against the North. He went on to accuse the government of killing and destroying houses of Boko Haram insurgents while the Niger Delta militants were given special treatment by the government.

“Even when Oni was Ekiti State Governor as a PDP member, Action Congress (AC) as APC was then, wrote against his government move to obtain a N5 billion loan. Isn’t it then funny that because he is now in APC, the same Oni is now against Governor Fayose doing the same thing done against him by the APC elements in Ekiti State?

“Isn’t it also funny that in Oyegun, Oni, Sagay, others political dictionary of hypocrisy, it was right for APC stalwart to have reported the federal government to ICC but wrong for Fayose to have written to the Chinese government on the federal government’s plan to mortgage the future of Nigeria and its people?”

The governor’s spokesperson said since the federal government claimed it has recovered and still recovering trillions of Naira allegedly looted from the treasury, there was no need to borrow money from anywhere to finance the 2016 Budget.

“With the $200 billion they claimed is coming from Dubai, $700 million raw cash they said was found in Diezani Alison Madueke’s house, N3 trillion said to have been saved from the Treasury Single Account (TSA) and N4.5 trillion the Federal Inland Revenue Service (FIRS) said it will generate this year, what then is the rationale behind the federal government seeking any loan?

https://www.naij.com/802777-china-loan-fayose-hits-back-oyegun-oni-sagay-apc-others.html?source=index_main