The National Chairman of the All Progressives Congress (APC), Chief John Odigie-Oyegun has defended the borrowing plans of the President Muhammadu Buhari-led administration, saying borrowing is inevitable in view of the current economic realities in the country.

Odigie-Oyegun said Nigeria must borrow to invest in infrastructure and grow the economy. The APC National Chairman spoke on Sunday night after receiving a lifetime achievement award presented to him by the Warri Choral Society during a classical music concert the Society held in his honour at the Muson Center in Lagos.

Odigie-Oyegun assured that the borrowings will not be used to pay salaries. “If you read the newspapers, you hear the President being advised to pump money into the economy. So the question is where is the money coming from? Simple! It has to come from somewhere including borrowing — both internal and external. To get this country going again, you have to pay contractors. Some contractors have not been paid for 4, 5, 6, 10 years. “So long as the borrowing is done not to pay salaries which the President Buhari administration will not do, but invested to create opportunities, solve our problems of power and things like that. To allow people to have money to consume, to buy goods, to pay for services so that factories can produce. So it is that cycle. We must kick-start the economy and to kick-start it will need money, lots of money.” The APC National Chairman told journalists after the concert. Odigie-Oyegun said the ongoing fight against corruption was necessary for the country to make progress. “That is a task (anti-corruption) that must be accomplished because it is at the bottom of all the ills of this country. When you are corrupt, you are immoral, when you are corrupt, you don’t have ethics, when you are corrupt, you lose the distinction between right and wrong. When you are corrupt, even life does not mean anything to you. So, we must get it under serious control for this nation to have hope of making any progress.” He said. Odigie-Oyegun who was accompanied by his wife, Victoria, said the timing of the concert came at perfect time for him in view of the gradual de-escalation of the political atmosphere in the country.

“I have had the esteem pleasure of being associated with the Warri Choral Society. I got to know that they deliver the kind of music that relaxes me, that transports me that comforts me. The date of this event cannot have been chosen more fortuitously. It is absolutely perfect, given the chain of events that have been reported in the newspapers almost on a daily basis. There has been a gradual de-escalation of the political atmosphere and I think this event is just capping it.” He said after receiving the lifetime achievement award.

Edo state governor, Mr Godwin Obaseki in his remarks at the concert said Odigie-Oyegun has changed the face of politics in the country. He thanked the founder of the Warri Choral Society, Mr. Joe Ayomike for his contributions to classical music in Nigeria.

“I am so jealous that Warri has a choral society of this international quality. I see it as a challenge that in Benin we will have to develop one. But we must support our brothers and sisters from Delta state. Tonight we celebrate our National Chairman who we are very proud of. A man who has by the divine intervention of God changed the face of politics in our country. Let me also use this opportunity to thank Mr. Joe Ayonmike for what he has done for classical music in our country.” Obaseki stated.

Dignitaries at the concert included the Edo state governor, Godwin Obaseki and his wife, Betsy; former Governor of Ogun State, Olusegun Osoba; former governor of Ekiti State, Otunba Niyi Adebayo; former Speaker of the House of Representatives, Rt. Hon. Patricia Etteh; Senator Domingo Obende; Senator Ovie Omo-Agege; Group Captain John Obakpolo; Captain Hosa Okunbo; Chief (Mrs.) Nike Akande, President of the Lagos Chamber of Commerce; Senior Special Assistant on Foreign Affairs and the Diaspora, Abike Dabiri-Erewa and her husband, Segun; Mr. Umana Okon Umana, Managing Director of Oil & Gas Free Zone Authority; Olorogun Otega Emerhor; former Lagos State Commissioner for Health, Dr. Leke Pitan; Grace Egbagbe amongst others. Members of the APC National Working Committee (NWC) in attendance were Engr. Segun Oni, Deputy National Chairman (South); Hon. Emma Eneukwu, National Vice Chairman (South-East); Alhaji Bala Mohammed Gwagwarwa, National Treasurer; Dr. Muiz Banire, SAN, National Legal Adviser; Chief (Dr.) George Moghalu, National Auditor; Sen. Osita Izunaso, National Organising Secretary and Hon. Dasuki Ibrahim Jalo, National Youth Leader. Aliko Dangote; Delta State Governor, Ifeanyi Okowa; Chief Great Ogboru; Dakuku Peterside as the Director General of Nigerian Maritime administration and Safety Agency (NIMASA) sent representatives.

Read more at: http://www.vanguardngr.com/2016/12/oyegun-nigeria-needs-29-9b-loan/

I see Tinubu kneeling down to beg Buhari and Oyegun for forgiveness

Asiwaju has spoken, wailers over to you.

KingOvoramwen1:
Nnnnn

What has suddenly gone wrong with your voice box?.. oh wait, Oyegun is a son of ile-ibinu.. #hypocrisy
Truth is mine!

“If you read the newspapers, you hear the President being advised to pump money into the economy. So the question is where is the money coming from?"

So.. Is Oyegun trying to tell us that all that talk about recovering 'billions' from TSA and 'anti-corruption war' na 'ofutu feete'? I still don't want to believe we are being scammed by this government.

richidinho:
[s]I see Tinubu kneeling down to beg Buhari and Oyegun for forgiveness[/s]

Igbos lack understanding of politics--OUK.
Nyanmiri, suck it up.
Truth is mine!

TimeManager:
What has suddenly gone wrong with your voice box?.. oh wait, Oyegun is a son of ile-ibinu.. #hypocrisy
Truth is mine!

I SEE THEY BANNED YOUR OTHER ACCOUNT SO YOU ARE BACK WITH THIS ONE............. I EXPECT U TOO BE BANNED AGAIN IN THE NEXT 24HRS......OZOUR!!

richidinho:
I see Tinubu kneeling down to beg Buhari and Oyegun for forgiveness

Not in this life.Buhari will apologize not the other way round

bettercreature:
Not in this life.Buhari will apologize not the other way round

KEEP DREAMING INFACT TAKE PILLOW....

KingOvoramwen1:


[s]I SEE THEY BANNED YOUR OTHER ACCOUNT SO YOU ARE BACK WITH THIS ONE............. I EXPECT U TOO BE BANNED AGAIN IN THE NEXT 24HRS......OZOUR!![/s]

Don't get me angry, you haven't recovered from the anger of Orangutan. Don't make it worse off.
Kiss the truth!

TimeManager:
Don't get me angry, you haven't recovered from the anger of Orangutan. Don't make it worse off.
Kiss the truth!

OYA VEX NA......INFACT ABEG VEX...... MUMU DEY SMELL

Come on gerroutofhia afonja

KingOvoramwen1:



OYA VEX NA......INFACT ABEG VEX...... MUMU DEY SMELL

Come on gerroutofhia afonja

I will make you beg for forgiveness just as Benin emissaries came to beg in ile-ife.
Kiss the truth!

TimeManager:
I will make you beg for forgiveness just as Benin emissaries came to beg in ile-ife.
Kiss the truth!

You really dont have anytin inside ur skul do you?

TimeManager:
I'm going to shrink that skul of yours, just as Oranmiyan shrank the kingdom of Benin before his departure.
Truth is mine!

THE SAME OROMIYAN DAT WAS THE SON OF ODUDUWA WHO WAS THE SON OF OGISO OWODO ALL FROM THE GREAT BENIN EMPIRE!!

GET A LIFE IT IS NOT THAT EXPENSIVE!!

KingOvoramwen1:


THE SAME OROMIYAN DAT WAS THE SON OF ODUDUWA WHO WAS THE SON OF OGISO OWODO ALL FROM THE GREAT BENIN EMPIRE!!

GET A LIFE IT IS NOT THAT EXPENSIVE!!

If life was that cheap, you wouldn't have come to beg for rulership in ile-ife.
BTW, do you know the father of Oduduwa?.. if you do not, just shut up..
Truth is mine!

has PMB given up on recovering the '$90b' stolen by Deziani?

or the '$50b' stolen by GEJ?

what about the so called TSA savings of N3t?

what about all the criticism & useless talk that with crude oil prices at even $25 pb, if GEJ manages the economy well, its enough to turn Nigeria into Dubai in 1 year?

its easy to throw accusations around... until you have to back it up with action.

governance is never easy or as straightforward as we sometimes make it out to be. we must be careful how we rubbish the efforts of others.

meanwhile, loan supported, however, break it down into installments of $8b, $10b & $11.1b (2017, 18,19)...(be specific on the revenue generating infrastructure you want to invest in)

this will;

1. make it more manageable & easier for Nigerians to track its utilisation

2. HOPEFULLY, if the exchange rate improves, we won't have to be back the full loan at present high rates

3. IF, our income improves, we won't have tied down ourselves & can easily pay the portion we have received

4. it will remove the temptation for the regime to feel it has TOO MUCH money & go on a spending spree & thereby neglecting efforts to generate income from other sources or worse still, be tempted to divert some portion to other uses.

5. it will initially reduce the amount to be repaid yearly & also extend the repayment period, removing some strain on the future generation that will repay the loan.

maaaaad man. well, 30 billion dollars =15, 000 megawatts of electricity from my calculations, 2 million dollars would get 1 megawatt . Nigeria is not really a serious country. Its not like they want to use it to fix stuffs like electricity, its for mostly buhari's social programs, like feeding students.. shitty projects like that.The money would definitely be shared among d elite one way or the other.

Apc leaders just cant wait to get their hands on this 30bn usd. You can practically see them salivating for this windfall(forget that story of injecting it into the economy).
Afterwhich they will leave gbese for the future generation to pay.
I just wish God will just allow them get this loan and shortly after He will help south east and south south pull out of nigeria. Lets see how the south west and the north will pay 30bn usd debt.

You are not getting any $29.9b.

I see people ask about the accruals of TSA.. Did you not hear the Emir say that the FG overdrew their account by N4.5 trillion which the FG agreed but assured that the exposure was covered with the TSA account as a collateral.

I don't want to hear anything about TSA again because there's no funds there.

y not 50 billion dollars..

How do we repay back? As sanusi have said, no organisation would borrow buhari money. Let him use the recovered fund.

Pumping money into the economy while there are more investors leaving the country than coming in. This loan will plunge Nigeria into unnecessary debt. What happened to the recovered looted funds? How much have been recovered so far and who can verify? What about the celebrated TSA? And other celebrated raked in revenues?

When parties told us we need loans, then we know we are in for long thing

Just Negodu this oche barber. Ofcourse Nigeria needs it because your master said so! Sadistic old men that should be in retirement running the affairs of the country. The future generations you wicked men want to mortgage will one day spit on your graves for the evil you did to them.

KingOvoramwen1:


KEEP DREAMING INFACT TAKE PILLOW....

U most b a kid. Wu is oyegun, fashola n fayemi? Jagaban understand how politics goes. Just wait n watch

lol............. who will repay it!!! in 10 years time you and buhari will not be there and even if you are there your brain will not be able to give any credible advice to repay such loan, when you were gallivanting round the whole place celebrating your victory you forgot that government is a day to day business now economy has somersaulted you want to mortgage my future..... Oyegun for the records i don't have any other countries passport, I only have Nigerian passport and i still have many years to live, this is the only home i know don't destroy it for me.. I beg u with God

Senile group of politicians

[s]

sekamykome:
lol............. who will repay it!!! in 10 years time you and buhari will not be there and even if you are there your brain will not be able to give any credible advice to repay such loan, when you were gallivanting round the whole place celebrating your victory you forgot that government is a day to day business now economy has somersaulted you want to mortgage my future..... Oyegun for the records i don't have any other countries passport, I only have Nigerian passport and i still have many years to live, this is the only home i know don't destroy it for me.. I beg u with God

[/s]

So after u have finished blabing this trash, are u enjoying the recession?? Where will the money to provide infrastructure, basic amenities, invest in agriculyure come from Governance is not magic. There no country in the world that has developed without seeking assistance. Statistically nigeria needs to invest at least $300billion in the next 10years to cure the infrastructure deficit. Where is that money going to come from?? Pls think logically instead of making emotional insinuations.

Is he the minister for finance? he needs his own share

dude salivating over potential kickbacks and contracts