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Don’t Grant Buhari’s $2b Loan Request, Fayose Tells China

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Ayodele-FayoseGovernor Ayodele Fayose of Ekiti State has taken his disagreement with President Muhammadu Buhari to the Chinese Government, urging the Asian country not to grant the $2 billion loan being sought by the federal government of Nigeria.
In a letter dated April 12, 2016, Fayose said that as a major stakeholder in the Nigerian project, it would be unwise for the country to take additional external loan considering the fact that 25 per cent of the national annual budget is being used to service debts.
He argued that the negative impact of servicing any additional foreign loan on the economy would be “better imagined than experienced”.
The letter with reference number EK/GOV/28/10, was addressed to President Xi Jinping of China and delivered by Chief of Staff to the governor, Barrister Dipo Anisulowo in Abuja on Thursday, through the Chinese Ambassador to Nigeria, Gu Xiaojie.
Anisulowo, who was accompanied by Deputy Speaker of the State House of Assembly, Hon Segun Adewumi, Chairman House Committee on Information, Gboyega Aribisogan, Chairman House Committee on Health, Dr Samuel Omotosho and Special Assistant to the Governor on Public Communications and New Media, Lere Olayinka, said Governor Fayose, who is currently in China, will also deliver a copy of the letter directly to the Chinese President.
The letter read in part: “I write as one of the major stakeholders in the project Nigeria, and a governor of one of the federating units making up Nigeria, to draw your attention to report that the Federal Government of Nigeria is on the verge of obtaining a $2 billion loan from the Export-Import Bank of China.
“This $2 billion loan is part of the N1.84 trillion the Federal Government of Nigeria has proposed to borrow to finance the 2016 budget, which is yet to be signed by the President, Mohammadu Buhari owing to unending controversies between the Executive and Legislative arms of government.
“According to reports, Nigeria desires to raise about $5 billion abroad to cover part of its 2016 budget deficit. This is projected to hit N3 trillion ($15 billion) due to heavy infrastructure spending at a time when the slump in global oil prices has slashed the country’s export revenues.
“While conceding that all nations, especially developing ones need support to be able to grow because no nation is an island, I am constrained to inform you that if the future of Nigeria must be protected, the country does not need any loan at this time.
“The government of China should be mindful of the fact that Nigerians, irrespective of their political and religious affiliations are totally opposed to increment of the country’s debt burden, which is already being serviced with 25 per cent of the Federal Government annual budget.
“It will interest the government of China to know that some of the projects for which the loan is being sought are not captured in the controversial 2016 budget, which has been sent to the President by the National Assembly for his assent. For instance, the Lagos – Calabar Rail project was not included in the budget proposal the President presented to the National Assembly and it was not included in the Appropriation Bill passed by the National Assembly.
“Most importantly, Nigeria is presently servicing debt with about 25 per cent of its annual budget and what will happen to the economy in 2017, when the country will begin to service the additional debt to be incurred this year is better imagined than experienced.
“The Chinese government must also be aware that some western nations approached by the Federal Government for loan diplomatically and cleverly declined.
“This must have been informed by the suspicion in the present government’s capacity to salvage the nation’s economy as well as the sincerity in the fight against corruption. More so that Nigeria’s Foreign Reserve, which is the only guarantee for foreign loan has declined to a very uncomfortable level”.

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1 Comment

1 Comment

  1. niko

    April 15, 2016 at 3:08 pm

    It is a time-honoured wise saying of the elders that those whom the gods want to destroy they first make mad. The Executive Thug of Ekiti state has surely gone bonkers!

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Fayemi Presents Over N109 billion As Budget Estimate For 2021

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Fayemi Orders Resumption Of All Workers In Ekiti
Fayemi Presents Over N109 billion As Budget Estimate For 2021

Governor Fayemi

Governor of Ekiti State, Kayode Fayemi has presented the proposed budget for the 2021 fiscal year in the State.

The Governor on Monday presented a budget estimate of over N109 billion for the 2021 fiscal year.

Governor Fayemi, while presenting the budget at the State House of Assembly complex yesterday in Ado-Ekiti described the 2021 budget as “Budget of Recovery and Economic Restoration.”

Also Read: #EndSARS Protests Politically Motivated – Kogi Governor

The budget has a recurrent expenditure of N57, 997,898,982.62k while the capital expenditure has N51, 668,386,739.99k.

Fayemi, said the budget proposal presented contains the policy thrust, programmes, and vision of his administration for 2021, saying efforts shall be made to source the needed resources to fund the budget.

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National Broadcast: PDP Slams Buhari Over ‘Disappointing, Empty’ Speech – PDP

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National Broadcast: PDP Slams Buhari Over 'Disappointing, Empty' Speech – PDP
National Broadcast: PDP Slams Buhari Over 'Disappointing, Empty' Speech – PDP

Muhammadu Buhari

The Peoples Democratic Party (PDP) has blasted President Muhammadu Buhari over his nationwide broadcast over the ongoing #EndSARS protest rocking the country.

Recall that Buhari in his speech called for an end to the protest, adding that his government had already accepted and started implementing demands of the protesters.

He, however, failed to acknowledge the shooting of protesters by soldiers of the Nigerian Army at the Lekki Toll Gate on Tuesday night.

Also Read: President Muhammadu Buhari’s speech – Full text

Reacting in a statement on Thursday night by its spokesperson, Kola Ologbodinyan, the PDP said Buhari’s address was depressing and failed empathy test.

The party appealed to Nigerians, particularly the youth, to remain calm and allow a return to normal life in the collective quest for peaceful co-existence in the overall interest of the nation.

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PDP Asks Buhari To Stop Killing Of #EndSARS Protesters Across Nigeria

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PDP Asks Buhari To Stop Killing Of #EndSARS Protesters Across Nigeria

PDP

The Peoples Democratic Party (PDP) has condemned the killing of peaceful #EndSARS protesters at the Lekki Toll Gate, Lagos.

This was contained in a statement titled “EndSARS- Lekki Massacre,” signed by the PDP National Publicity Secretary, Kola Ologbondiyan, late on Tuesday.

Ologbodiyan said, “The Peoples Democratic Party, condemns in very strong terms, the killing of peaceful protesters at the Lekki Toll Gate in Lagos as well as other parts of our country.

Also Read: Shehu Sani Condemns Shooting Of #EndSARS Protesters At Lekki Toll Gate

“It is shocking that security agents and, in some cases, thugs, were reportedly deployed to end the lives of promising Nigerians. This, to say the least, is saddening.

“Those responsible for the heinous murder of the innocent and harmless Nigerians must account for their nefarious acts.

“The PDP calls on President Muhammadu Buhari to immediately direct an end to these wanton killings across our nation.

 

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