TAKING LOANS ISN'T THE PROBLEM: THE JUDICIOUS USE OF LOANS REMAINS THE BONE OF CONTENTION
ATT: @WorldBank @WorldBankAfrica @IMFNews @NOIweala @akin_adesina @DrAhmadLawan @femigbaja @NGRSenate @HouseNGR @NGRPresident @ProfOsinbajo @atiku @PeterObi @MoghaluKingsley @obyezeks
ATT: @WorldBank @WorldBankAfrica @IMFNews @NOIweala @akin_adesina @DrAhmadLawan @femigbaja @NGRSenate @HouseNGR @NGRPresident @ProfOsinbajo @atiku @PeterObi @MoghaluKingsley @obyezeks
2/ SO, after a 3 years delay, the Senator @DrAhmadLawan-led Senate, Thursday, February 5, 2020, approved President @MBuhari's FOREIGN LOANS REQUEST of $22.7billion (N6.9trillion)?
N6.9TRILLION is arrived at the official exchange rate of N306=$1.
N6.9TRILLION is arrived at the official exchange rate of N306=$1.
3/ Of this $22.7bn, $17.06 billion will be provided by China’s Eximbank, while the balance will be sourced from @WorldBank, @AfDB_Group, Islamic Development Bank & German Development Bank.
4/ While Nigeria's debt service costs have been rising, the @MBuhari's admin says this new borrowing will be tied to projects. Can this latest promise be trusted?
5/ According to Nigeria's Debt Management Office, as at June 30, 2019, Nigeria’s Total Public Debt Portfolio, stood at $83.88 billion (N25.7 trillion). This is even as Nigeria's Real GDP in 2019, stood at $476b (N306/$1) or $402b (N360/$1), growing at 2.5%, as at February 2020.
6/ As at 1999, when Nigeria returned to civil rule & the military were sent back to their abode- the Barracks, Nigeria was no doubt, a PARIAH STATE.
But, through the concerted efforts of Ex-Prez. Olusegun Obasanjo & his Vice, @atiku, Nigeria got a DEBT RELIEF from PARIS CLUB.
But, through the concerted efforts of Ex-Prez. Olusegun Obasanjo & his Vice, @atiku, Nigeria got a DEBT RELIEF from PARIS CLUB.
7/ Their debt relief effort yielded fruit on June 29, 2005, when the Paris Club & Nigeria agreed on a $18billion debt relief package. As at December 31, 2004, Nigeria owed a total of $35.994bn, that amounted to about N4.82 trillion at the official exchange rate of N134 to $1.
8/ A Total Public Debt of N4.82trn in 2004, is now N25.7trillion and still counting. Howbeit, it must be clarified that borrowing isn't the issue. The devil is in the judicious use of such loans. That is what is lacking in this admin. Thus, why DUSTS are raised over its loans.
9/ END- With the HONEYMOON @MBuhari has enjoyed since 2015, from Nigerians, if his was a govt with FOCUS, with these foreign borrowings, returned & recovered loots, foreign aids, oil revenues, et al, Nigeria should be among the world's FASTEST GROWING ECONOMIES, with GREAT PCI.
Namaste, @threadreaderapp, please, UNROLL. Thanks.
