The Goodluck administration may have yet taken another step in his 2014 election bid in sourcing for funds from China under the excuse of infrastructural development to the tune of #936billion.

Remember the aftermath of the 2011 election saga: the bombshell of the subsidy removal on 02/01/2012 when we all least expected it. It was obvious this so called subsidy removal was just a hoaux for a more bigger issue i.e. to recover about #60billion naira expended to fund the 2011 elections. The masses were the most affected with this economic brohaha from the economic team led by the iron lady, Okonjo Iweala.

Meanwhile, this is what the government claims they want to do:

The Federal Government said it had
commenced discussion with China Export and Credit Insurance Corporation, SINOSURE, and International Commercial Bank of China, ICBC, to source for a loan of N936 billion, to fund housing development in Nigeria.

Managing Director of Federal Mortgage Bank of Nigeria, FMBN, Mr. Gimba Ya’u Kumo who
disclosed this at an interactive session aimed at creating a synergy between the Nigerian Union of Journalists, NUJ, and the Federal Mortgage Bank of Nigeria, FMBN, in Abuja said, the loan has a tenure of 15 to 20 years.

Kumo who said the loan which will be provided under a single digit, stressed further that it shall be given directly to Chinese Construction firms on installmental basis of $1.5 billion, who are tobuild the houses under the supervision of FMBN.

He explained further that, FMBN’s responsibility shall be to create mortgages over the housing units, collect mortgage repayments and use the proceeds of the repayments to payback the loan over the tenure of the facility.

Mr. Kumo said, a 1,000 unit staff housing estate at Kagini, FCT, will be a model project for estate development in Nigeria. The estate, to be known as Goodluck Jonathan Legacy Model Housing Estate, according to him, will be funded by a commercial facility but projected to be delivered at affordable price to FMBN staff and general public........


www.vanguardngr.com/2013/06/housing-fg-secures-n935bn-loan-from-china/