*Nigeria Presidency Approves Borrowing From World Bank, China

*Plans include 20-year loans with 1.25 percent interest
*Government waiting for go-ahead from lawmakers to raise debt

Nigeria’s presidency has approved plans for external borrowing from the World Bank, China and Japan.
Nigeria will take on debt from institutions including the World Bank, African Development Bank, Japan International Cooperation Agency and Export-Import Bank of China, the presidency commented on Twitter.
This will include “low-cost, long-term” loans with interest rates of 1.25 percent and maturities of 20 years, according to the tweets. Details of a Eurobond will be announced “in due course.” The government is now waiting for lawmakers to approve the plans, the presidency said.
President Muhammadu Buhari announced a record 6.1 trillion naira ($19.4 billion) spending plan this year to try and stimulate the economy, which contracted in the first two quarters as oil revenue plunged. He said he expected the government to raise about $5 billion from the Eurobond market and multilateral and bilateral lenders.

Nigeria’s Debt Management Office last month asked banks to place bids by Sept. 19 if they wished to manage a $1 billion Eurobond sale. Finance Minister Kemi Adeosun told bond investors in London in June that Nigeria was close to securing around $3 billion of funding from the World Bank and African Development Bank.
Nigeria, which vies with South Africa as the continent’s biggest economy, has issued dollar bonds twice, the last time in 2013. Yields on its $500 million of securities due in July 2023 fell 11 basis points to 6.24 percent by 1:01 p.m. in Lagos, their lowest level since June 2015 and down more than 300 basis points since hitting a record 9.4 percent on Jan. 18.

NoreenUG:
So, after all of Buhari's stubborn theatrics of We-will-never-submit -to-world-bank-and-IMF, he finally falls on his knees and approves borrowing from World Bank.

http://www.bloomberg.com/news/articles/2016-09-08/nigeria-s-presidency-approves-borrowing-from-world-bank-china

The man has been totally demystified!

Please mods (Dominique, Lalasticlala), help me edit my post and add in the full article. I'm on a crappy mobile phone, and character limit is killing me here.
Thanks.

asuustrike2009:

E non go borrow before?

dondo83:
people will be calling buhari a dullard and simple information they cant digest. Did buhari or fg claim it wont borrow ? how will the fund a 6trillion budget? Adeosun said fg will borrow for capital expenditure and infrastructural development ! if you are still too dull to understand quote me and I will break it down further

NoreenUG:
So, after all of Buhari's stubborn theatrics of We-will-never-submit -to-world-bank-and-IMF, he finally falls on his knees and approves borrowing from World Bank.

http://www.bloomberg.com/news/articles/2016-09-08/nigeria-s-presidency-approves-borrowing-from-world-bank-china

The man has been totally demystified!

Please mods (Dominique, Lalasticlala), help me edit my post and add in the full article. I'm on a crappy mobile phone, and character limit is killing me here.
Thanks.

NoreenUG:
[s]So, after all of Buhari's stubborn theatrics of We-will-never-submit -to-world-bank-and-IMF, he finally falls on his knees and approves borrowing from World Bank[/s].

http://www.bloomberg.com/news/articles/2016-09-08/nigeria-s-presidency-approves-borrowing-from-world-bank-china

The man has been totally demystified!

Please mods (Dominique, Lalasticlala), help me edit my post and add in the full article. I'm on a crappy mobile phone, and character limit is killing me here.
Thanks.

ISpiksDaTroof:


"The man has been totally demystified!"

And this makes you happy. Im willing to bet that since the day you were born, you've NEVER witnessed 2straight months of uninterrupted power supply? Know how I know that? Because you come across as a complete loser in life. Nobody that has anything going for them relishes their Government borrowing from the World Bank.

Its a shame what poverty has done to the psyche of the average Nigerian.


P.S: I just saw the last part about your "crappy mobile phone". I should've known better and ignored you. Most of you think poverty and a disorganized society is normal. You are wrong.

Finance Minister Kemi Adeosun told bond investors in London in June that Nigeria was close to securing around $3 billion of funding from the World Bank and African Development Bank.

NoreenUG:


PS: Oh, and another thing? I live in Columbus, Ohio, U.S.A, dumbass, and that's common knowledge around here, so you've only totally failed on that part too

NoreenUG:

PS: Oh, and another thing? I live in Columbus, Ohio, U.S.A, dumbass, and that's common knowledge around here, so you've only totally failed on that part too

ISpiksDaTroof:


Before you came out here to pollute our society, have you ever witnessed constant electricity? That was my question.

cckris:
After the Economy had degenerated.

NoreenUG:


I'm a bona-fide citizen, you dumb m.o.ro.n.
Can you now kindly face the thread and stop derailing, you unintelligent bore?

ISpiksDaTroof:


"The man has been totally demystified!"

And this makes you happy. Im willing to bet that since the day you were born, you've NEVER witnessed 2straight months of uninterrupted power supply? Know how I know that? Because you come across as a complete loser in life. Nobody that has anything going for them relishes their Government borrowing from the World Bank.

Its a shame what poverty has done to the psyche of the average Nigerian.

P.S: I just saw the last part about your "crappy mobile phone". I should've known better and ignored you. Most of you think poverty and a disorganized society is normal. You are wrong.

kenny987:


U need to understand the context of statements or posts like that which u just quoted. The main point is not relishing or rejoicing over the thought of borrowing from d IMF, World Bank and such other western bodies that only suck debtors dry with emasculating conditions.

ISpiksDaTroof:


[s]"Bonafide" because WE let you. Were you born here? Were your parents? How about Grand Parents? Great-Grand Parents, maybe? A blue passport doesn't mean sh*t except that you pay your taxes on time like the legal foreign worker you are. If you never understood that, understand it now. The day we're ready---and pissed off enough--- we will amend the Constitution, yank that piece of paper out of your rough African palms, rip it up, and throw your ashy butt on the first Steam Boat smoking across the Atlantic back to where you truly belong.

Go back to destroying your own homeland with your backwards mentality where everyone thinks in reverse just like you.[/s]

NoreenUG:


You should have read the numerous trash from his many voltrons and zombies who were initially deceiving themselves with chatter like:

"Ha! I trust Baba. Buhari will never bow to the evil World Bank"

"Buhari will never bow to the IMF"

"The neo-colonialist IMF can go to hell with their money and anti-African policies. THERE IS A NEW SHERIFF IN TOWN!"

"Biuhari is incorruptible! We don't need World Bank's money! Sai Baba!"

All that don end now as the President exports his Almajiri swags to the world stage.

asuustrike2009:

Yeah don't mind those hypocrite. They don't see anything wrong in what he does even if he brings policies to cause hunger