FG seeks N’Assembly’s approval over $9bn foreign loan



The Federal Government has asked the National Assembly to approve another $9.005 billion foreign loan just as some governors yesterday stormed the National Assembly, demanding for their share of previous $3.39 billion foreign loan. Chairman of the Senate Committee on Foreign Loans and Debts, Ehigie Uzamere, has however, threatened to decline approval for state governments that do not appear before the committee to defend their loan proposals.

In a breakdown of the loan profile, practically all the states applied for their shares of the $3.39billion loan while the Federal Government applied for another $4.8 billion Continuation of Eurobond Issuance $1 billion; Diaspora Bond $0.1 billion, totaling at $9. 005.69 billion loan. Government will borrow $300 million to support the provision of affordable houses by the private sector at low interest rate with a long-term repayment period to provide cheap funds for buying or building houses by the public. Also, $200 million will be deployed to support agriculture. The money will provide for seeds, fertilizers and agrochemicals.

It will also be used to develop a data base and conduct research through the West Africa Agricultural Productivity Project. Early this year, the Federal Government forwarded a $7.9 billion loan request to complete pipeline projects which the National Assembly has now incorporated in the Medium-Term Expenditure Framework (M-TEF).

Minister of State for Finance, Yerima Jigama, told the committee that the repayment period is about 40 years and it is a concessional loan which is quite different from the one Nigeria had borrowed. He insisted that the loan is interest-free, noting that all the states have been banned from negotiating individually to ensure that the interest rates of the loan are the same.

At the presentation, Imo State Commissioner for Finance, Chike Okafor, submitted a proposal of $45 million and $20 million respectively being the cost of erosion management and youth empowerment support projects. Many commissioners who represented their various state governments complained of their inability to get disbursements on the amount approved last year even though all procedures were met. But Ondo, Rivers and Delta states did not send any representatives to defend their loan requests before the Senate.

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  1. What an irresponsible govt with excessive borrowing. We are watching on hw dis govt wil end without leaving dis nation in huge debt.

  2. Now one can see how we are being sold out. The govt is using subsidy scam, deregulation, corruption and insecurity to confuse our focus. Housing my shit. If you can demolish housing estates who assures that you can sincerely replace them.:-):-)

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  4. I weep for my nation, the people in power (ministers, senators,VP, president etc) are focusless, if this kind of leaders continue, one day we as people will be sold out as slaves because we are unable to pay the loans,

  5. Alhaji Dan-azumi Gana on

    Loan upon loan, where are we heading to ? Another loan to be shared among yourselves again ? Do you want this country to die kpatakpata ? Please,dont collect any loan and leave debt for your successor.


  7. What did they do with the money they have been borrowing. Does it mean that we do not earn anything in oil, abi the money we earn there is not enough to loot. They just want it in a buck. Hey, these people have finally killed and bury this nation in the name of democrazy.
    Army where una dey oooo. We are not ripe for democracy or the democracy has been hijacked by armed robbers in civilian cloth.

  8. taiwo oladipupo on

    just unbelievable how loan that were meant to be used for national infrastructures been shared amongst some thiefs who are suppose to lead and move the nation forward.

  9. Obasanjao and Ngozi Iwuala exited us from loan,saved more than 60 billion dollars as foreign reserve and another 20billion as excess crude account.today GEJ have depleted
    the money and have continue to borrow.my very surprise is how the same Okonja Iwuala is going back to join hand with Jonathan to throw Nigeria back into loan.till we hear from Madam i will not conclude because eighter she did n’t support or may have deceived to believe that it will spur the economy not knowing that they are all liar. Nigerians should reject the loan by demonstrating.

  10. Another cake to share. Shameless leaders crippling Nigeria. May God have mercy on u people because u have been blind-folded to do evil by the devil.

  11. Nigeria will never progress at the rate these bandits who call themselves rulers go about disecting our economy. We have enough wealth to take Nigeria to the moon any-day without overseas loan.
    Have they finished the treasury or are they going to get the loan for the 2015 election as usual?
    The fact remains that loans are always divided amoung individuals who facilitate them and nothing shows that this time it will be diferent – not even the “beautifully crafted defence” on where to plug it. We have read better write-ups before.
    Civilian Jerry Rawllings, where are you? Enough of this plundering.

  12. onyeka frm enugu on

    dis is a terrible country dat our leaders countinue to deceive themselves thinking dey a deceiving the people.but I assure dem that one day d sun shall set .

  13. Once upon a time, our Leaders led us wel, after that they startd ruling us, and now they are just RUINING us to Ruin. So it is nw clear & true that Nigeria is heading for failure.
    Pls this is some trillions of naira dt we are talking abt(over $9b). Sometimes I wonder d kind of Proffessionals and proffessors, Special Advicers, Economists, Accountants, Financial managers, etc, that we hav in this con3. Can’t they proffer solutions on hw to re-adjust and reposition the Nigerian economy 4 good. I think Nigeria stands a better chance of lending to others against d practice of all time borrowing. I think Ghana(Baby) & som oda African con3s can teach Nigeria(Old man) abt good governance if they so wish(May God help Our Leaders)

    So Oga GEJ, all these suggestions dt pple ve been dishing out on how to salvage the con3’s enconomy and save more money 4 d con3 are of no use? That is:
    1. Cut down d jumbo salaries and allowances of d political office holders and/or better still reduce d no of ministries and irrelvant appointments.
    2. If possible rid civil service of ghost workers(set up a credible committee to look into dt) and save dt money being paid 2 dem.
    3.Diversify the Nigerian source of revenue instead of the over-dependence in oil. Eg: Goin back 2d cultivation of major cash crops, revive and revitalize some moribunded, dumped and dilapidated companies esp those of agriculturally inclined, Textile etc.
    4. Let most of the Nigerian industries be private driven(@least it reduces corruption and creates more employments opportunities).
    5. Stabilization of power. No con3 wil ve its enconomy thrive in absence of stable power supply. Many companies(which directly or indirectly contributes 2d growth of d economy) ve packed frm Nigeria to Ghana and others bcos of lack of stable power supply.
    Above all GEJ, U ve nt don enof in fighting corruption. Am afraid if d rate of corruption in 9ja continues as it is now, hmmm….Nigerian economy wil be totally crippled and shortly Nigeria wl rise frm being d 35th to less dan 20 in the world list of d most corruption ravaging con3s.
    6. E.T.C ….many tinz 2 talk abt.

  14. I use this medium to appeal to NLC, TUC and other relevant bodies to rise up to this ugly practice and culture of over-borrowing. It is nt only on the issues concerning Labour as a body or affecting civil servants that shld always be addressed by you these groups, but all government policies which may be considered unfavorable to d national economy. This is because whatever that affects d economy of this nation has directly or indirectly affected the Labourers and as well the common man in the street. Thanx. I wish Nigeria well. 0-8-0-3-7-2-4-4-9-4-5

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