The Senate on Thursday gave nod to the $22.7 billion loan request by President Muhammadu Buhari, bringing Nigeria’s external debt stock to nearly US$50 billion, amid lawmakers and public’s concerns the approval wasThe government of Mr Buhari desperately needed the approval as African’s largest economy returns to the international debt market to shake off impacts of recession and finance the budget this year.
The certain details of the projects to be funded with the fresh loan from China are slow to emerge. However, it is believed that the Mambilla hydropower project costing nearly $5 billion will top the table. By the end of 2019, talks between Nigeria and China for a loan to finance the 3,050 Mambilla project, in Taraba State, northeastern Nigeria, had reached an advanced stage.
Already, over a quarter of Nigeria’s N10.59 trillion 2020 budget, that is N2.7 trillion, goes to debt servicing, exceeding N2.4 trillion appropriated for capital expenditure.Chinese loans are disbursed by the EXIM Bank, with interest subsidised by the country’s ministry of commerce, which assigns contractors to execute projects tied to the loans.
Since the turn of the century, China has increasingly had expansive presence in Africa as a donor and trade partner. Although the United States remains Africa’s biggest donor, China is threateningly rivalling the traditional Western donors in the latter’s historically cultivated sphere of influence, that is, Africa.
We pray for long life for those who secured the loan so they can reap the rewards of their efforts while living
Modern day slavery
Oshindaretoyin The takers are not the ones paying back so they don't care.
OBJ left so much when his tenure expires, but PMB will be leaving huge debts when his tenure finally ends.
They do not know the implications of what they are doing or just being wicked. Tough times ahead.
We won't be together till then
Jesus Christ. Federal Republic of Chinese Loan. Make China no come colonize us o.
Modernized Slavery.
They have successfully bankrupted Nigeria with their evil change. How can you be servicing loans with 70% of our income & you're still going for more loans ? Block leakages & reduce overhead costs & you're good too go as a nation. MBuhari AsiwajuTinubu APCNigeria kfayemi
These same loans the South-East who isn't a beneficiary is expected to pay, along with the rest of the nation.
And the infrastructures will be use for how many years?
By then most of these clowns would be dead.... An we will be paying for their shit
Opposition says were shutout in approving the loans, meaning APC approved for APC & would be hold responsible, they hope on oil why their states contribute zero to our economy but depends on monthly fed allocation.
One day we'll wake up and our country would've completely been mortgaged by the political class and the creditors will take over our governance and infrastructures.
Most discerning persons don't allow being on the hook for 25/30 years for a mortgage prevent them from buying a house. They know what having such equity gives to them. Debt is not necessarily a bad thing.
Someone that will still take more loans before 2023
I still ask why we are borrowing to fund projects. Can't we just use Abacha loot that had they want to share? I am not understanding these things!
Untold story of a forgotten nation. Hmmmm
Hurray
90% of What the loan is purportedly Meant for is All Lies or Over Inflated! I Guarantee you that Over 90% will not be Done Cos money will be looted
Sai Baba with more debts. Funny thing is South West will still vote him should he decide to go for one more term 🚶🚶🚶🚶🚶🚶. What do I even know
Nigeria is in a deep pit. 2040? 'He who goes aborrowing, goes asorrowing'
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Senate okays Buhari’s $22.7bn loan request amidst protestsI just tire for Nigerian govt news. Is Nigeria for sale or sold? Generations to come will forever remember the decision made by legislators of this dispensation to further plunge Nigeria into debt and untold hardship. Previous credit facilities has not impacted the masses positively. I suspect the kangaroo approval without due deliberation.
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Nigeria’s debt hits N33.078trn as Senate approves Buhari’s $22.7bn loan – Daily TrustNigeria’s debt hits N33.078trn as Senate approves Buhari’s $22.7bn loan Experts flay borrowing ‘96m Nigerians live in extreme poverty’ Nigeria’s debt profile has hit N33.078trn (108.1bn) following the Senate’s approval of a $22.7 billion (N6.923trn) loan request by President Muhammadu Buhari. The approval pushed up the nation’s total debt from $85.4bn (N26.047trn) accumulated as at … Nigeria’s foreign debt was $7 billion in 2015. It is $25 billion now. Today, the NGRSenate approved General MBuhari’s $22 billion loan request. It will push our foreign debt to $47 billion. Buhari is 77 (so he says). It is you and your kids that will repay it! BuhariTormentor we are going to sell our properties when it is time to refund the loan. To the Senate this Maths is Rusty. The Money heist going on in Nig is enough for it to go into another round of recession. Nig has been plundered. Go figure!!
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