Former World bank economist and Vice President in Africa, Obi ezekwesili got schooled on Twitter today.

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Even Dr Joe Abah had to support Mr Somoyes argument.

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IF YOU TAKE OBY serious , your brain is paining you

I know that Dr Oby knew that Chinese loans are far better than that of the IMF and World Bank, she was just looking for a way to discredit the Buhari government. Typical Igbo

She just got SERVED

The guy is wrong. When you are repaying a loan, the interest you pay is that of the balance and not that of the original principal.
The guy is into elementary mathematics.
Anyways, i've got a better thing to do with my time. I don't support collecting of loans, like oby said, we need to copy what China did to transform their economy.
Anything contrary shall be ignored too.

God save naija from blind leaders&followers.where is abah from? is sanusi position on chinese loans 4railway also tribal

Knowledge is power, we need to emancipate ourselves from mental slavery. Education is not by degree.

deomelo:




No, you have reading comprehension issues.


It's not by accident that Oby didn't challenge his assertions

She gave the guy what he needed which was silence after making her point. silence is the best answer for a fool and you don't expect her to banter words with him

Sirjamo:
I know that Dr Oby knew that Chinese loans are far better than that of the IMF and World Bank, she was just looking for a way to discredit the Buhari government. Typical Igbo

You nailed it 100% correct.

...and the woman ran away.

I bet that most of you up there commenting had no idea what the guy is talking about.

You were impressed that he was flying figures around and that other commentators praised him

I know there are many senseless youths in this country, but please stop displaying your foolishness if you have no reasonable contribution to make

If u quote me, I won't reply you

Oby take off!

Sirjamo:
I know that Dr Oby knew that Chinese loans are far better than that of the IMF and World Bank, she was just looking for a way to discredit the Buhari government. Typical Igbo

My brother, Igbos are blessed uniquely....they lead in Education, well travelled(importing & exporting all around the world), and this is no chest beating bro.

Now to get back to the point. All this global institutional recognized extraordinary woman was trying to educate you fools is to think strategically and to understand aspect of Chinese loans that might not be too pleasant because she has first hand experience. It doesn't come across to me that she is defending the bretten wood institution , but rather comparing attributes between Chinese loans/Western loans. Every African including elites like her in Africa understand, Africa may be entering into her golden age because of China involvement in Africa including how they package their loans in Africa........and yet debt burden that may finally strangle Africa may just be behind the horizon. This is not a good time in Africa to talk tribal politics(especially Igbo/Yoruba) because you've approach a cross road.

so because a person wrote series of numbers means he schooled her?

This is how they behave Online, they discredit every good thing Buhari does. This woman has been wailing since Baba refused to appoint her in his administration.
With her big mouth like Trailer tire, that serves her right.

Obi Ekwesele and IPOB right now.

knowledgeable:


My brother, Igbos are blessed uniquely....they lead in Education, well travelled(importing & exporting all around the world), and this is no chest beating bro.

Now to get back to the point. All this global institutional recognized extraordinary woman was trying to educate you fools is to think strategically and to understand aspect of Chinese loans that might not be too pleasant because she has first hand experience. It doesn't come across to me that she is defending the bretten wood institution , but rather comparing attributes between Chinese loans/Western loans. Every African including elites like her in Africa understand, Africa may be entering into her golden age because of China involvement in Africa including how they package their loans in Africa........and yet debt burden that may finally strangle Africa may just be behind the horizon. This is not a good time in Africa to talk tribal politics(especially Igbo/Yoruba) because you've approach a cross road.

leave them oh....they think the chinese would dash you money? maybe when the full details about the conditions attached to these loans by the chinese comes out then we would know who schooled who. these people most times think that when you speak queens english and throw around figures means you are smart and intelligent.

Olakunle Abiola somoye finished work on oby ezekwesili BETWEEN WORLD BANK/IMF2 AND CHINA LOAN
THREAD---

OBY E-Most annoying of this latest round of RISING SCALE of Public Debt by countries of the continent is that the politicians are behaving EXACTLY like the ones who PILED UP DEBTS in the 80s & 90s.

Oby-Chinese attitude to Indebtedness is the HARDEST in the world. I know, because one had to deal with it in the course of my work @ the World Bank, helping African countries to get the HIPC Debt Cancellation.

It ANNOYS ME TO NO END to see our countries BINGING on Chinese Loans.

Olukunle -“Just sign up for plenty Loans...forget about imperatives of Debt Sustainability.” KAI!!
1/ I will be the first to admit that we should be wary of China, but who else would have partnered with us on infrastructure development like the Chinese? with interest as low as 2-3% asides technological and knowledge transfer we also have targeted fundings for agric.

Oby-You are referring to their Concessionary Loan/Grant which is paltry compared to the predominant Non-Concessionary Loan Book it has built up across Africa.
We need to put the feet of our leaders to the fire to articulate and execute market reforms like China did & grew. KEY POINT.

Olukunle -Please ma can you kindly furnish us with the interest rate on the Non - Concessionary loan to Nigeria so we can compare with what IMF/WorldBank can offer us.

Oby- Wonderful! I should furnish you? �
It is the FG you should ask for its Non-Concessional Loan details with China cos it varies.
What I do know though, is that on average, Chinese loans offer an interest rate of 3.6 percent, a grace period of 4 years & a maturity of 12years. /1
Most of African countries borrow from the World Bank as IDA - International Development Assistance (Concessional Loan) countries at service charge of 0.75 percent, a 0.25 percent front-end fee and 0.25 percent commitment charge. 6 year Grace Period & repayment period of 38years.

Olukunle-/1 I insist Chinese Loans are 2-3% not 3.6% as you said recall 2013 loan for airport terminals. According to you IDA is 1.25% (0.25+0.25+0.75) for a spread of 38 years = 47.5%
Yet IMF’s principal charges/interest alone is 0.84% minus front-end commitment & service charge.
But let’s go by your figures, at 1.25% for a spread of 38 years = 47.5% with brettonwood “Conditionalities” which includes “Retrenchment of civil servants” it’s good enough but for Chinese Loan of 3.6% (your figure) with 12 years maturity total is
3.6% x12= 43.2% contd of/1 ...

Recall on Chinese loan there’re Concessionary and Non Concessionary clauses which doesn’t seek to impose their own “Reformation” but rather ensure - through- Chinese Companies that the purpose of the loan is fulfilled (Train, Bridges & Highways).
Contd 1\...

We joined IMF in 1963 yet asides the mismanagement of the funds given to us by our leaders, Nigeria had to suffer retrenchment of civil servants and foreign exchange between the $ to N started dropping exponentially. The Naira started plummeting after Buhari was ousted in 1985

Oby- I shall not enable this, dear. Too much confusing assumptions in your tweets. The worst of them is you not knowing that there is a difference between Lending by the World Bank - Investment in Development needs & Lending by IMF- Balance of Payment needs. It is enough. Tweet on.

Olukunle- I don’t know as much as you do and I concede that from the get go that is why I still used your figures to do the basic arithmetic to reach a logical conclusion of why Chinese loan may be better than IDAs after all.

OBY - You are wrong on that but hardly matters cos again, that’s not the point of my tweets. You have a set mind on what you wish to tell me and therefore keep engaging in Transactional dialogue. Go back and read my Tweet again & see why yours are unnecessary. Blessings.

Olakunle -Sorry but maybe if you just furnish us with the % on the non concessionary loans from the Chinese perhaps we would see the glaring difference between the 100% concession loans of IDAs.
You know people in the FG, for the sake of learning ask them so you teach your boys here ��

@MrSomoye #AppreciationTweet on the Chinese loan and IMF loan thread.

Mummy didn't answer him but did a separate tweet to sub the young man.

OLUKUNLE ABIOLA SOMOYE WIN MANY WITH HIS EDUCATING TWITTER.

still wondering how she got schooled.

Zombies be hyperventilating? cursing and screaming all over the thread when 9 outta 10 they have no simple clue as to what Oby or Olakunle were even arguing about.

Don't blame ezekwesili. She is Igbo after all. She can't help her self from stupid ignorant comments

knowledgeable:


My brother, Igbos are blessed uniquely....they lead in Education, well travelled(importing & exporting all around the world), and this is no chest beating bro.

Now to get back to the point. All this global institutional recognized extraordinary woman was trying to educate you fools is to think strategically and to understand aspect of Chinese loans that might not be too pleasant because she has first hand experience. It doesn't come across to me that she is defending the bretten wood institution , but rather comparing attributes between Chinese loans/Western loans. Every African including elites like her in Africa understand, Africa may be entering into her golden age because of China involvement in Africa including how they package their loans in Africa........and yet debt burden that may finally strangle Africa may just be behind the horizon. This is not a good time in Africa to talk tribal politics(especially Igbo/Yoruba) because you've approach a cross road.

No one is a fool here and they recognize the fact that one has to be weary of the Chinese loan but here are the real point the guy made to counter your Aunty you’re so much willing to lick her behind.

1. The only pitfall with Chinese loans is when you’re unable to pay back they takeover the project as their own(has happened in some other African countries) however, the infrastructure has been put in place and they won’t remove it.

2. The West don’t care if you use the loan for the purpose it is meant for. They don’t care if the money is embezzled or not. That is why they keep giving loans to corrupt regime of GEJ because they more you embezzle the more you’re unable to pay and the more enslaved you become.

3. The Chinese don’t deal with thieves, they put their money where their mouth is and make sure the loans are used for the purpose they’re meant for.

4. This is the most dangerous part of the western loan. The Chinese don’t require the government to retrench its civil Servants when they default or are unable to pay up. The West on the other hand as part of its loan conditions will require the government to retrench Ita civil servants.

The bottom line is that, everyone recognize that China is not Santa Claus but their intention is far more genuine and open than the west’s. Even the west recognize this and they fear China taking over but with lesser or no intention to enslave that is why they’ve being in a panick mode since the China-Africa summit.

They know their milking cows are about to be set free. If not when was the last time a British PM or a German chancellor or French President visited Africa let alone in the same year.

Unfortunately for them and fortunately for Africa, their leader(the US) is under the leadership of a mad man.

Almaiga:
This is how they behave Online, they discredit every good thing Buhari does. This woman has been wailing since Baba refused to appoint her in his administration.
With her big mouth like Trailer tire, that serves her right.

Obi Ekwesele and IPOB right now.

Shut Up there...
Buhari is a dunce
He shared money... Only to go begging for loans in China

Who does that except a dullard

Sirjamo:
I know that Dr Oby knew that Chinese loans are far better than that of the IMF and World Bank, she was just looking for a way to discredit the Buhari government. Typical Igbo

Licking of Buhari boxers is done perfectly by your tribe..

Typical zombie everywhere

centoke30:

She gave the guy what he needed which was silence after making her point. silence is the best answer for a fool and you don't expect her to banter words with him

You are not bright, her silence actually meant consent.
At no point in the debate was there any insult or altercation. It was a civil engagement

Sharpshooota:


Licking of Buhari boxers is done perfectly by your tribe..

Typical zombie everywhere

It’s actually the Yorubas that have been providing good opposition to the President.
They just don’t do it the foolish confusing ways you are doing it, you own reason for criticizing PMB is completely different from the reason yorubas are doing it

Their usual way.. Oby like many other experienced technocrats usually resort to the "You have a set. biased mindset of your view" when they shockingly meet a match that can school them

Olukunle won this intellectually and he respectfully drive home his points.. .. picking a position and backing it up with verifiable data...he went as far as even "conceding" to Oby's unverifiable data and use simple arithmetic to finish her based on her own data.
Madam was surprised she could meet someone like that and resorted to defensive mode.