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Fayose Asks China To Deny Buhari The $2 Billion Loan Request

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Fayose Asks China To Deny Buhari The $2 Billion Loan Request

fayose china buhari $2 billion loan

April 14, 2016 – Fayose Tells China To Deny Buhari The $2 Billion Loan Request

In a letter dated April 12, 2016 with reference # EK/GOV/28/10 addressed to President Xi Jinping of China, Ekiti State Governor Ayo Fayose asked China to disapprove the $2billion loan Buhari sought from the Asian country.

The letter reads;

“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.

buhari $2 billion loan china

“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 percent 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.

“For instance, the UK Telegraph Newspaper reported today that hundreds of millions of pounds of British foreign aid given to Nigeria to help combat Boko Haram terrorists is instead being used to fund a witch-hunt against opposition politicians.

“Therefore, like the foreign aid that is reportedly being mismanaged, whatever loan that is granted to the Federal Government of Nigeria by the Chinese Government may be mismanaged too.

“In my opinion, Nigeria needs 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.
“It is also important for the Government of China to note that the Federal Government of Nigeria claimed to have recovered and still recovering trillions of Naira allegedly looted from the treasury.

For instance, over $200 billion is expected to be recovered from Dubai, the United Arab Emirate while N3 trillion was said to have been saved from the Treasury Single Account (TSA).
“The Federal Inland Revenue Service (FIRS) has also said that it will generate not less than N4.5 trillion this year. What then is the rationale behind the $2 billion loan from China?

“As a result of the government’s bad economic policies, the middle class has been eliminated, power supply is at its lowest ebb, petrol is not available and by the time fresh loans begin to pile up, 95 percent of Nigerians will definitely be pauperised.

“Particularly, by the autocratic nature of our president, the Federal Government is not prepared to listen to wise counsel, hence the desperation to take unwarranted loans even if the future of Nigeria and its people will be mortgaged.

“It will also interest Your Excellency that our presidents visit to China will be his 28th trip outside Nigeria since he assumed office 10 months ago and this unnecessary foreign trip is estimated to have cause the country $50 million.

“I therefore appeal to Your Excellency to assist Nigeria and its people in the area of technology transfer so as to limit importation of goods and services, rather than granting the country unnecessary loan.

“In conclusion, I wish to state that this letter and information became necessary for posterity sake and to put it on record that when the future of Nigeria and its people was going to be mortgaged through loan from the People’s Republic of China, I stood up to be counted in defence of our country.

22 Comments

22 Comments

  1. Dideolu

    April 14, 2016 at 8:16 PM

    Fayose you must be out of your fcuking mind to say that
    What right do you have you black ass mofo

    • Tee

      April 15, 2016 at 7:09 AM

      Illiteracy is a disease… You stupid fuck.. Did u read wat he wrote at all??

  2. figer

    April 14, 2016 at 8:41 PM

    Fayose, u are a wise man, if atall u are d president of Nigeria, things could have been better.

  3. Shehu Mohammed

    April 14, 2016 at 8:50 PM

    Fayose in an imbecile idiot cursed by parents, relations and God

    • Tee

      April 15, 2016 at 7:11 AM

      I’m sorry to say buh you are the one that’s cursed… If everybody think the same way that u do, dis nation will definitely be f..ked.

  4. Shehu Mohammed

    April 14, 2016 at 8:52 PM

    In spite of the likes of fayose, president Buhari will deliver, Nigeria will be great and Nigerians of all traction will laugh last and loudest too

  5. fifelomo

    April 14, 2016 at 9:06 PM

    I remain the fence in this issue.

  6. Metu Nyetu

    April 14, 2016 at 9:07 PM

    Of all the things I have ever heard from Fayose, this one makes so much sense to me. Rugged man! You no de carry last o.

    Buhari will never admit that he is being wasteful with his incessant trips. One thing that the nation does not need now is a swelling debt profile. Buhari should do a rethink about his whims. The China he has gone to borrow money from once closed down her bothers for their nation’s best interests and isolated themselves from the rest of the world. Would it be a tabboo if we adopt even a degree of that policy that saved China today?

  7. Metu Nyetu

    April 14, 2016 at 9:15 PM

    Of all the things I have ever heard from Fayose, this one makes so much sense to me. Rugged man! You no de carry last o.

    Buhari will never admit that he is being wasteful with his incessant trips. One thing that the nation does not need now is a swelling debt profile. Buhari should do a rethink about his whims. The China he has gone to borrow money from once closed down her bothers for their nation’s best interests and isolated themselves from the rest of the world. Would it be a tabboo if we adopt even a degree of that policy that saved China today?

  8. ade eagle

    April 14, 2016 at 10:08 PM

    i think FAYOSE is right for once where is all the recovered money from looters ? why do we need to borrow money from china ? things are becoming worse since Buhari came into power Nigerians are fed up

  9. Olanrewaju

    April 14, 2016 at 10:22 PM

    Thought the EFCC are busy probing those that looted our money. If all these money are gather,I’m sure we will arrive at almost the amount in which PMB wanted to borrow from china. My opinion

  10. EGBERRI MAMA 1

    April 14, 2016 at 11:21 PM

    GOV. FAYOSE IS OUR MAN ANYTIME ANYDAY

  11. Attireman

    April 15, 2016 at 7:50 AM

    On point that’s good breaking news from you Sir

  12. Olami

    April 15, 2016 at 8:08 AM

    FAYOSE spoke well, why do we need to enslave our kids into future slavery PMB you no do well

  13. Anointed

    April 15, 2016 at 9:37 AM

    CAN GOVERNOR STOP PRESIDENCY? I AM NEUTRAL AND WATCHING.

  14. sola olaniyi

    April 15, 2016 at 10:41 AM

    I totally agree with Fayose on this..where are all the billions loots recovered?

  15. John Emeka

    April 15, 2016 at 10:58 AM

    I really like d wisdom of dis man…
    his bold step and d fearless heart 2 tell d truth not minding wot it might result makes him more genuine and outstanding among other politician.

    Weldone sir… I believe pple like u ill do great 2 dis country.

  16. Luckynero

    April 15, 2016 at 4:52 PM

    I just can’t comprehend this scenario; Governor vs President
    Am confused on who is playing who in this Country…..!!!
    still on the fence on this breaking news of the 21st century

  17. Luckynero

    April 15, 2016 at 4:57 PM

    I still can’t comprehend this scenario: Governor vs President.
    One can hardly tell who is playing in this Country. Still on the fence on this anyway……

  18. amsterdam

    April 15, 2016 at 5:52 PM

    Fayose is mentally stupid ..idiot

  19. MAN

    April 16, 2016 at 12:43 PM

    FAYOSE, YOUR WORDS ARE TRUE. BUT I DON’T THINK XI WOULD AGREE WITH YOU ON THE LAST PART OF YOUR LETTER: “I therefore appeal to Your Excellency
    to assist Nigeria and its people in the
    area of technology transfer so as to
    limit importation of goods and
    services, rather than granting the
    country unnecessary loan”. NIGERIA IS ONE OF CHINA’S BIGGEST CUSTOMERS. IF NIGERIA’S IMPORTATION IS LIMITED, CHINA SALES DROP BECAUSE CHINA ACCOUNTS FOR MORE THAN 30% OF NIGERIA’S IMPORTATION.

  20. sharon stone

    April 16, 2016 at 9:45 PM

    wow what an intelligent way of reasoning@ GovernorFayose. u are too much joor’ Nigeria as a country is under chain not change.

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