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House Postpones Consideration of Buhari’s $22.79bn Loan Request: Politics : Nigerialog.com - Nigeria's Premier Online Forum

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House Postpones Consideration of Buhari’s $22.79bn Loan Request

By: dayan (M) |Time : March 12, 2020, 05:08:09 AM
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Udora Orizu in Abuja

The House of Representatives has postponed deliberation on the $22.79 billion external borrowing, which was requested by President Muhammadu Buhari.

The Speaker, Hon. Femi Gbajabiamila, made this known yesterday at the plenary.

Gbajabiamila said the consideration of loan requested by the President should be stepped down. No new date has been set yet.

It would be recalled that a member of the House, Mr. Henry Nwawuba, presented a petition by a group of South-East elite at the plenary on Tuesday against consideration and approval of the external loan.

Nwawuba said the petition would save the National Assembly from embarrassment, adding that there was a disconnect between the loan proposal and the Fiscal Responsibility Act.

Responding, the Speaker told him that the request by the President to the House to consider the loan was listed in yesterday’s order paper and was to be presented by the Chairman House Committee on Aids, Loans and Debt Management, Hon. Ahmed Dayyabu Safana.

It requested that: “The House do consider the Report of the Committee on Aids, Loans and Debt Management on the 2016–2018 Federal Government External Borrowing (Rolling) Plan and approve the recommendations therein” (Laid: 5/3/2020) (Committee on Supply).

“Approve the under listed ongoing negotiation of External Borrowing in the sum of $22,798,446,773 (Twenty-Two Billion, Seven Hundred and Ninety-Eight Million, Four Hundred and Forty-Six Thousand, Seven Hundred and Seventy-Three United States Dollars) under the 2016-2018 Medium Term External Borrowing (Rolling) plan; (a) World Bank 2,854,000,000; (b) Africa Development Bank 1,888,950,000; (c) Islamic Development Bank (IDB) 110,000,000; (d) Jica 200,000,000; (e)German Development Bank 200,000,000; (f) China Eximbank 17,065,496,773 and (g) AFD 480,000,000, (h)Grand Total ($) 22,798,446,773.”

In addition: That the terms and conditions of the loan from the funding agencies, be forwarded to the National Assembly prior to the execution of same for concurrence and proper documentation.”

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Re: House Postpones Consideration of Buhari’s $22.79bn Loan Request

By: dayan (M) |Time : March 12, 2020, 05:23:09 AM
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It would be recalled that a member of the House, Mr. Henry Nwawuba, presented a petition by a group of South-East elite at the plenary on Tuesday against consideration and approval of the external loan.

Nwawuba said the petition would save the National Assembly from embarrassment, adding that there was a disconnect between the loan proposal and the Fiscal Responsibility Act.

The fact that the loan is still being considered (and already passed by the Senate) shows how intrinsically unworkable the Nigerian federation is.

Imagine getting an EXTERNAL loan of $22.7 BILLION, and TOTALLY excluding ONE of the THREE founding legs of the Nigerian country.
If Nigeria breaks tomorrow, there is 99.99% chance that it would break along the lines of the map of pre-1960, i.e. the founding regions of Nigeria (plus or minus here and there). So, how come the region from which the repayment money would likely come from (oil and taxes) is being short-changed?
The proponents of the loan are so filled with hate that they cannot even reason any more.
Their wickedness has overtaken their common sense.

The way the average Igbo see it, the mere fact that this loan is configured this way is the loudest demonstration of HATE against the Igbo by the ruling Buhari/Fulani/Core Northern cabal.

So, rightly, MANY Igbo groups are mobilizing GLOBALLY to sue Nigeria, China and all other concerned potential creditors in courts of competent jurisdictions abroad, on the world stage, to essentially tell whoever cares to listen that Eastern Nigeria (the future Biafran nation) would NOT participate in the repayment of the loan if the loan is implemented as is.

How would this loan be repaid if the main source of repayment money is no longer part of the federation, and has NOTHING to show that it benefited from the loan?

Wickedness is feasting on common sense in Nigeria these days.


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