A Chieftain of the People’s Democratic Party(PDP), Dr Emeka Kalu has described the five years of APC in Nigeria as “embarrassing and depressing” for allegedly not delivering the dividends of democracy to the Nigerians.

Kalu in a statement signed by him, frowned at the nation’s debt profile with no verifiable key infrastructures to justify the amount borrowed so far.

He said “Take a look, you will find out why we need to vote them out. APC should take their place in the dustbin of history for their unprecedented failure.

So far, this is how much loan they have borrowed with nothing to show for:
$3.4 billion loan from IMF
$2.5 billion loan from IBRD
$1 billion loan from AfDB
N850 billion domestic loan
N150 billion Ijarah Sukuk loan
Now another fresh request
$3.4 billion loan from IMF
$1.5 billion loan from IBRD
$500 million loan from AfDB
$113 million loan from IsDB
This is in addition to the existing about
N28 trillion debt (80% borne by the FG).

Remember, when this administration came to power our total debt was little above #7 trillion.

We merely hear of approvals of billions of naira with nothing on ground to show.”

Dr Kalu also condemned the use of state apparatus to silent opposition politicians

“The most ugly aspect of their era is the frequent use of force to silent critics using the DSS and police.”

“The APC led Federal Government has become unpopular and are now using force to intimidate opposition states, sponsor campaigns of calumny against them and generate political and economic tensions within their states.”

He, however, urged Nigerians not to be deterred by the antics and failures of the APC government by given up on the Nigerian project. He assured Nigerians of the readiness of the PDP to reclaim power back from the APC by 2023.

when this brain dead PDP flatheaders keep saying nothing to show for the loan... is Lagos Ibadan Ogun standard guage modern rail part of their nothing to show, is Lagos - Ibadan Express Way part of the Nothing to show


Ogun kee all PDP supporters that make use of The New Trains
Ogun and Ahmadiha fire them whenever they step on the 2nd Niger Bridge









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Exc2000:



when this brain dead PDP flatheaders keep saying nothing to show for the loan... is Lagos Ibadan Ogun standard guage modern rail part of their nothing to show, is Lagos - Ibadan Express Way part of the Nothing to show

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Is that all apc/buhari promised in 2015? De there make pant de wear you.

veeshock:

Is that all apc/buhari promised in 2015? De there make pant de wear you.

na my region concern me.. and I can see infrastructural development when I drive through my beloved region... something PDP (wey ogun go destroy) couldn't do for 16years

Exc2000:


na my region concern me.. and I can see infrastructural development when I drive through my beloved region... something PDP (wey ogun go destroy) couldn't do for 16years

I can infrastructural development in my own region in the South East too. Something PDP couldn't do for SE for 16 years.
Some people want FG to do its own n do states governments own after they have collected allocations,Paris fund, ecological fund, derivations n so on.

Nonsense n ingredients

Okoroawusa:

I can infrastructural development in my own region in the South East too. Something PDP couldn't do for SE for 16 years.
Some people want FG to do its own n do states governments own after they have collected allocations,Paris fund, ecological fund, derivations n so on.

Nonsense n ingredients

don't mind them my brother.. 16 years they didn't construct or maintain any road in SouthWest.. Obasanjo flies chopper when ever he visits ogun because he knows the road to his house are very bad

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Exc2000:


na my region concern me.. and I can see infrastructural development when I drive through my beloved region... something PDP (wey ogun go destroy) couldn't do for 16years

Okay o tommorrow when your children ask you why we are so indebted be proud to tell them we borrowed trillions to construct lagos-ibadan mono-rail and onitsha bridge too.

veeshock:

Okay o tommorrow when your children ask you why we are so indebted be proud to tell them we borrowed trillions to construct lagos-ibadan mono-rail and onitsha bridge too.

we are not heavily indebted.. our debt to GDP is 26% we have billions of oil reserve so our debt are healthy

Exc2000:


we are not heavily indebted.. our debt to GDP is 26% we have billions of oil reserve so our debt are healthy

Yet the value of our good old naira keeps dropping steadily while we are heading towards recession...lets borrow more to construct more roads and bridges, and also to finance school feeding programme and trader moni.

veeshock:

Yet the value of our good old naira keeps dropping steadily while we are heading towards recession...lets borrow more to construct more roads and bridges, and also to finance school feeding programme and trader moni.

most loan Buhari borrowed are for capital projects, held in special escrow accounts with CBN and Chinese NEXIM bank released to contractors in batches upon completion of contract phases and dealine...

Ghanian currency is worth more than that of the Chinese and the Japanese are they better of China and Japan?

see if I was a President my first line of action is to borrow $10billion USD and put it to develop more power plant per region and get every household metered, 10bn is about 4 trillion, we have 200 million citizens 4trillion / 200m is just a little over 20,000 per citizen... are you saying if you have 24/7 electricity as a citizen you wont be able to pay back 20,000 within 5 years loan tenure since its power related

Exc2000:


most loan Buhari borrowed are for capital projects, held in special escrow accounts with CBN and Chinese NEXIM bank released to contractors in batches upon completion of contract phases and dealine...

Ghanian currency is worth more than that of the Chinese and the Japanese are they better of China and Japan?

see if I was a President my first line of action is to borrow $10billion USD and put it to develop more power plant per region and get every household metered, 10bn is about 4 trillion, we have 200 million citizens 4trillion / 200m is just a little over 20,000 per citizen... are you saying if you have 24/7 electricity as a citizen you wont be able to pay back 20,000 within 5 years loan tenure since its power related

Im not against borrowing either, but then what impact has these loans on the economy and the near future? I mean whats the real benefit going forward?

Exc2000:


most loan Buhari borrowed are for capital projects, held in special escrow accounts with CBN and Chinese NEXIM bank released to contractors in batches upon completion of contract phases and dealine...

Ghanian currency is worth more than that of the Chinese and the Japanese are they better of China and Japan?

see if I was a President my first line of action is to borrow $10billion USD and put it to develop more power plant per region and get every household metered, 10bn is about 4 trillion, we have 200 million citizens 4trillion / 200m is just a little over 20,000 per citizen... are you saying if you have 24/7 electricity as a citizen you wont be able to pay back 20,000 within 5 years loan tenure since its power related

After reading the bolded comment, it became obvious you are just defending without facts...

- About the chinese currency, this is the reason why they are very impartial on trade balance, they devalue their currencies almost on a yearly basis at the detriment of their citizens(which dont need it, because they produce all they need neither are they addict travellers), so you would forever be addicted to their imports, your factories dont become cheaper than their exports, while your factories eventually die...
How else can you say a major exporter to the whole world has its currency below Ghana with all the forex it earns..

- on your second point, Your debt to revenue is 50%, your recurrent expenditure takes almost the rest, that is why you borrow to finance projects which adds to the debt alongside new interest again..

Like a notable politicians said, you dont borrow to consume, can you say an unfinished second niger bridge and a railway track consumed N21tr ?... where are the rest of the funds since the budget hardly gets 100% fulfillment?... it has obviously been consumed with a huge interest rate left for us all to pay.

veeshock:

Im not against borrowing either, but then what impact has these loans on the economy and the near future? I mean whats the real benefit going forward?

it would be hasty to point the benefit when projects are just reaching advance stage.... Mambilla dam is still under construction and when completed we are looking at more power to the national grid, and talking about generated power from such project is just phony and being mischievous

many project like that are across the nation, many I have seen with my own eye...