https://proudstars.blogspot.com/2016/04/opposition-are-already-frothing-at.html
Opposition are already frothing at the mouth like a freshly tapped palm wine that the China loan is another of Buhari's boondoggle.
In fact they concluded they've been welshed by Sai Baba especially concerning the recovered loot. Claiming it sufficed the loan from China.
And so I laughed. Issorite!
Let me educate you in a bit.
Out of 199 countries and dependent nations in the world 186 have a debt burden.
Wait for this!! USA tops the list of world debtors. Followed by UK, France, Germany, Luxembourg, etc.
China that Nigeria is borrowing from occupies the 11th position on the list of countries with external debt profile. Whereas Nigeria comfortably seat at the 55th spot on this list with debt profile of $68.1B
In essence external debt is necessary in achieving meaningful development.
This loan will come in foreign direct investment and #critical capital projects funding.
■ Power
■ Railway
■ Refinery
■ Education etc
A section of the population said Baba Bubu should have used recovered loot in place of the loan.
Well, capital project like this are usually funded with loan because of the long term ROI.
For instance, China commissioned Three Gorges Dam in Hubei in 2012. The dam is capable of generating 22,500MW electricity. The dam is also used both in navigation as well as in controlling flood.
This dam was completed with a loan of $27.6B (slightly above what Diezzy baby was alleged to have stolen)
The returns on this investment will start coming in, 10 years after commencement of full operations when the dam would have generated 1000 Terra Watt hour.
Abeg how old is our democracy sef?
It usually takes long time before looted funds are repatriated. Besides, these loots are even repatriated in tranches. Fifteen years after the death of Abacha his loot are still being repatriated in tranches. Whereas this can actually stall capital projects.
Some even argued: why not use the locally returned funds? Recall the relationship between the legislature and the executive is a bit frosty yet this locally returned funds has not be audited and verified so how do you spend such money? Some rogues in NASS would still want to negotiate a cut from this money which might as well delay its allocation and yet again time is going.
Nigeria -China trade volume recently stood at $16.56B. With Nigeria being among the top 4 export origin from China.
Hence, the policy of changing the Chinese currency directly to Naira without first changing to dollar will assist my Biafran brothers doing business in China. This is just one of the gains from the China trip as some were asking."
Copied.
In fact they concluded they've been welshed by Sai Baba especially concerning the recovered loot. Claiming it sufficed the loan from China.
And so I laughed. Issorite!
Let me educate you in a bit.
Out of 199 countries and dependent nations in the world 186 have a debt burden.
Wait for this!! USA tops the list of world debtors. Followed by UK, France, Germany, Luxembourg, etc.
China that Nigeria is borrowing from occupies the 11th position on the list of countries with external debt profile. Whereas Nigeria comfortably seat at the 55th spot on this list with debt profile of $68.1B
In essence external debt is necessary in achieving meaningful development.
This loan will come in foreign direct investment and #critical capital projects funding.
■ Power
■ Railway
■ Refinery
■ Education etc
A section of the population said Baba Bubu should have used recovered loot in place of the loan.
Well, capital project like this are usually funded with loan because of the long term ROI.
For instance, China commissioned Three Gorges Dam in Hubei in 2012. The dam is capable of generating 22,500MW electricity. The dam is also used both in navigation as well as in controlling flood.
This dam was completed with a loan of $27.6B (slightly above what Diezzy baby was alleged to have stolen)
The returns on this investment will start coming in, 10 years after commencement of full operations when the dam would have generated 1000 Terra Watt hour.
Abeg how old is our democracy sef?
It usually takes long time before looted funds are repatriated. Besides, these loots are even repatriated in tranches. Fifteen years after the death of Abacha his loot are still being repatriated in tranches. Whereas this can actually stall capital projects.
Some even argued: why not use the locally returned funds? Recall the relationship between the legislature and the executive is a bit frosty yet this locally returned funds has not be audited and verified so how do you spend such money? Some rogues in NASS would still want to negotiate a cut from this money which might as well delay its allocation and yet again time is going.
Nigeria -China trade volume recently stood at $16.56B. With Nigeria being among the top 4 export origin from China.
Hence, the policy of changing the Chinese currency directly to Naira without first changing to dollar will assist my Biafran brothers doing business in China. This is just one of the gains from the China trip as some were asking."
Copied.
Sent from my BlackBerry 10 smartphone.
