Dpearlz:


Yes I understand your point of view. But my definition of critical projects is one that will bring these benefits ASAP.

- Reduce Food Shortages
- Reduce Unemployment
- Reduce Poverty
- Increase Nigeria's GDP per capita
- Reduce Crime (by reducing the number of idle people).

Of that project and the once I listed as what they should focus on, which will yield the faster result?

We can Use the roads for now but maintain them properly until we can sort these pressing needs out.

you made a nice point if we were not what we are.

Excuses:


Bro am not a prof. but let me try.

The only way Nigeria can enhance its economy and move forward right now is diversification & drastic reduction of spending on fixed assets of governance and government.

Now the only source of revenue generation for the country is crude oil,these crude oil is prized low at the international market a,among competiting commodities of other nations,now that plenty nations have no need for it cos of alternative sources of energy it's value has drop.

The essence of diversification is to reduce dependency on a single source of revenue & the risk that comes with it,which is were we're.
Naira can only appreciate against the dollar if and only if, we are exporting more than we are importing. And by exporting i mean high valuables commodities other nations of the world need for survival.

Lastly government will relieve itself of spending and maintenance of national assets by way of privatization to be managed by individuals e.g sea ports,air ports,nnpc..

Hence the government can only focus on infrastructural development and running of government and not spending on government..

Exactly. Nigeria always make simple things hard. But, something might be going on behind the scenes. Maybe our former colonialists are involved in blocking our rise.

Angelfrost:


You lack the intellectual basis to even talk about 'logical argument'!!!

If you didn't, you would not describe the reactions to the above reports as 'Making mountains out of Molehills'!

Like I said, continue in your self deceit... There is a place and time for intellectual discourse. This is neither the place, and I certainly won't spare my precious time bandying words. Thanks.

O.lodo

You don't have a point

Go sleep

Then why not just sign a BOT contract, simple. Personally I will prefer that because it will at least guarantee that the services run, no corruption stories will emerge and we will not be mortgaging other assets to offset the loans.

joyandfaith:


enemy of my enemy is my friend. do u think muslims can practice Islam freely as being done in west.china has too many mouths to feed they are coming to colonize africans. for every 7 persons living earth, 1 is chinese. if Africa is not careful , china would do what germany under Hitler plan for Africa- farmlands.

What's your business with their internal affairs? It's their decision and if you want to know how ridiculous you sound, then imagine yourself saying that Nigeria will be forced to legalize gay marriage if it does business with the west. Also, don't forget what the so called democracies destroyed Libya, Iraq, Afghanistan, Syria and now Venezuela. Also, they support the injustice of Saudi Arabia and Israel against the Yemenis and palestinians.

Again, going by your logic, then USA, France and even Japan have already colonized China since they have hundreds of their companies in China. Even Apple devices are currently manufactured in China (because of their cheap labour). If Chinese people coming to Africa to do their business and employ millions of Africans is what you call colonization then please, let them come and colonize us.

The west, as usual, is using their propaganda machines to indoctrinate Africans and get them to reject their greatest threat (China). Ever since China became the greatest partner of Africa, stupid theories have been coming up daily.

What China is doing can never ever match what the west has done and is still doing to Africans. Go and ask about how IMF destroyed us with their SAP during the 1980s. Go and read about how some African countries faced sanctions for choosing to walk away from IMF deals and grow their local industries. Look at how France is controlling our francophone neighbors.

China is selfish, Yes. But so is every other business out there. No free lunch exist but they are better for Africa. At least we get low interest loans with better span, get infrastructures that are critical for economic growth and still get employed by their companies. They are everywhere in Kaduna and Kano employing Africans and treating us as equals (save for a few exceptions) unlike the westerners that still see themselves as gods.

China is here to stay

ITbomb:

No, you use available resources to innovate

what resources Man. Let's say The Engineering (Mechanical, Electric,Civil etc) are to be employed,which one of them will do anything when you and I know that they are only thought to pass Exams and graduate. If the Lecturers were teaching us to use our resources, don't you think we'd have been innovative??

NOW I KNOW THAT AMAECHI IS MAD.. YOU NEVER GOT TO KICK START THE MONORAIL IN PIVERS STATE AFTER ALL THE SIPHONING OF FUNDS IN THE NAME OF MONORAIL..

GOD PLS HELP US KILL OUR USELESS LEADERS FOR US IN YOUR OWN WAY

Charleys:


It's better for the whites to tell you how to run your economy than China, a country of 1 billion people, they'll come to Nigeria to take over your jobs,

On the contrary, they are actually giving us jobs here in Kaduna. Also, how many governments have China toppled all over the world? The west have done that against even democratically elected governments. Our Adeniyi just escaped their evil plots yesterday.

Read my reply to another nairalander:


"What's your business with their internal affairs? It's their decision and if you want to know how ridiculous you sound, then imagine yourself saying that Nigeria will be forced to legalize gay marriage if it does business with the west. Also, don't forget what the so called democracies destroyed Libya, Iraq, Afghanistan, Syria and now Venezuela. Also, they support the injustice of Saudi Arabia and Israel against the Yemenis and palestinians.



Again, going by your logic, then USA, France and even Japan have already colonized China since they have hundreds of their companies in China. Even Apple devices are currently manufactured in China (because of their cheap labour). If Chinese people coming to Africa to do their business and employ millions of Africans is what you call colonization then please, let them come and colonize us.



The west, as usual, is using their propaganda machines to indoctrinate Africans and get them to reject their greatest threat (China). Ever since China became the greatest partner of Africa, stupid theories have been coming up daily.



What China is doing can never ever match what the west has done and is still doing to Africans. Go and ask about how IMF destroyed us with their SAP during the 1980s. Go and read about how some African countries faced sanctions for choosing to walk away from IMF deals and grow their local industries. Look at how France is controlling our francophone neighbors.



China is selfish, Yes. But so is every other business out there. No free lunch exist but they are better for Africa. At least we get low interest loans with better span, get infrastructures that are critical for economic growth and still get employed by their companies. They are everywhere in Kaduna and Kano employing Africans and treating us as equals (save for a few exceptions) unlike the westerners that still see themselves as gods.



China is here to stay"

pafra:
Guys it's easy to criticis the government. Critically let's look at the situation of Nigeria.

Nigeria is a mono economy that depends on oil. The price have been down since the government came in it means, the amount realize from sells of oil can not finance our budget.

Please as Nigeria that want to see the country better let's list other forms of financing the budget outside borrowing.

Forget hate and let's talk about the nation

lol. You earn 1m monthly. You take a loan to buy Bugatti?

Education is key bro.
Either you have it or you don’t

pafra:
Guys it's easy to criticis the government. Critically let's look at the situation of Nigeria.

Nigeria is a mono economy that depends on oil. The price have been down since the government came in it means, the amount realize from sells of oil can not finance our budget.

Please as Nigeria that want to see the country better let's list other forms of financing the budget outside borrowing.

Forget hate and let's talk about the nation

This administration should engage professionals in carrying out decisions and not POLITICIANS... PLS STOP THIS.. THIS IS NEVER THE ANSWER..

Charleys:
The trick is to continue borrowing so that you can default on your debts and China can write off those debts.


Or keep borrowing while negotiating for Debt forgiveness

they think they are dealing with IMF

A won omo akotile ta.. You want to sell generations unborn ? Nonsense sermon

ursullalinda:
Yet we want to go borrowing knowing fully well that we must default.......How did we settle for this greedy and selfish people as leaders.........they are only after their loot and not what happens after.

“You must default”

Such a nauseating statement. Must we default? If we’re serious as a country, must we default?


Lekki tollgate alone generates more than $1bn dollars annually let alone Ibadan-Kano rail.

The Chinese has given 7years for repayment is that not enough for a serious country?

All of you are mad and unserious for claiming is a wrong thing to do.

joyandfaith:


if Ajaokuta steel is developed, unemployment will drop to barest minimum. but which nation is ready to finance our steel industry without electricity?

The theory was a section of the blast furnace must work 24/7 non stop,then is that mountain too high to climb? Can't they power it by solar or windmill,since coal is non economically viable.

i never liked this Amaechi from the onset.. he is not fit for leadership position atal, just found himself there by chance.

Will you ever see an American or Russian making such unpatriotic statement as this?. The most populous black nation on earth should cede her sovereignty to short teary eyes, frog eating chinkos because of train and infrastructure that will become outdated in the future. Shame dey catch me for this country and her leaders.

vhykeeytor:
GOD GO SHAME BUHARI the way He shamed Amaechi and made him a laughingstock in govt house Rivers state.... If.....he fails to terminate that evil contract with China. Who railway epp

God wont just shame his, but KILL HIM..

I hope china will seize our airports & subways so they can be developed to standard... Infact the entire transport system.

Guestlander:


Really? We must default, says who? The same country where a certain Mr. Dasuki went to the central bank and took out 1 billion dollars for campaign purposes?

Nigerians have no idea what their leaders are doing to them. Should we even be taking loans if the same national assembly is not taking more than their fair share?
When will they probe the Malabu oil deal?

Why mention only funds embezzled during the past regimes? What about the one your almighty and integrity filled Buhari is squandering and looting? Abacha loots nko? Foolish loots

Reference:
Then why not just sign a BOT contract, simple. Personally I will prefer that because it will at least guarantee that the services run, no corruption stories will emerge and we will not be mortgaging other assets to offset the loans.

You have a good point..

Sadly Mr. Amaechi sees nothing wrong in a "full" takeover of assets on Nigerian soil to be operated, directed and run by the Chinese.

Look at Zambia today, all their billboards and advertisements in Chinese controlled areas are in Chinese. They are gradually turning Zambia to China extension because they can't repay loan but our leaders don't learn.

Just listen to yourself Sir, foreign power will seize them and run it till they make their money if Nigeria defaults....... I tire for you oo

dre11:


https://www.dailytrust.com.ng/loans-china-can-seize-assets-if-nigeria-defaults-amaechi.html

Evercurious:



This administration should engage professionals in carrying out decisions and not POLITICIANS... PLS STOP THIS.. THIS IS NEVER THE ANSWER..

If a government is sincere there is nothing wrong in borrowing. Deficit budget is common among countries in the world. How do they take care of the deficit? By borrowing

All countries borrow. Show me one country that is not borrowing?

Just imagine the critical thinking that Mr Peter Obi would've been bringing to our economy by now if he's there. May we all live to witness a better Nigeria someday

SmartPolician:


There nothing wrong with the agreement.

Besides, the project is profitable, so I don't know why Nigeria should default at repaying the loan

I like that you can see into the future to know that a project that is not even completed will be profitable?

1. Trains anywhere in the world are rarely profitable, let alone being profitable enough to pay back 5 billion dollars in a poor country like Nigeria. In all likelihood, once these trains start operating, the govt will need to be subsidising them with billions of naira for years, just like the power companies.

2. The Naira is on a long term devaluation trend. This will compound the problem of paying back a foreign-currency denominated loan.

3. Future governments will have to dip into dollar reserves to pay back this loan. However, since nearly 90% of the reserves come from oil exports, & with oil prices forcasted to continue to be relatively low on a forward looking basis, the country is unlikely to have enough reserves to pay for it's imports let alone paying back huge foreign debts.

4. Nigerian politicians are obsessed with infrastructure. It's fine to develop infrastructure, but it is better to first develop the economy and then build infrastructure with the money made from a growing economy. Trains are not even in the top 10 of the challenges we should be tackling right now. Qualitative Science/IT education across the board is the country's surest way out of poverty. Expensive flashy new train infrastructure is ok, but it will not fundamentally change anything at this point, yet the country is being asked to mortgage its future for it.

These trains will not earn Nigeria any tangible money, or create the tens of thousands of jobs that the country desperately needs. Yet the country will pay through the nose for it.

Charleys:
The trick is to continue borrowing so that you can default on your debts and China can write off those debts.


Or keep borrowing while negotiating for Debt forgiveness

Bro China no be like us and imf o. Look at other African countries. They took the airport in Zambia, and other natural resources. For naija they will just say the oil is their own until we pay. These Chinese people no come play o

pafra:
Guys it's easy to criticis the government. Critically let's look at the situation of Nigeria.

Nigeria is a mono economy that depends on oil. The price have been down since the government came in it means, the amount realize from sells of oil can not finance our budget.

Please as Nigeria that want to see the country better let's list other forms of financing the budget outside borrowing.

Forget hate and let's talk about the nation

My brother... I will never never fall for this weird logic, thinking its only through borrowing the FG can develop its infrastructure. Its a lazy man's approach.

What we require is good fiscal reforms and reduce (cut down on )cost of governance which is arguably one of the highest in the world. Harness revenue from other sources: Agriculture, service/manufacturing sector, maritime and solid minerals.

Put a hold on Forex spent medical tourism, Education, pilgrimages and all what not. Spend your scarce earnings in developing the Gas sector and steel production.

But unfortunately the leaders won't do it, why? It's more convenient to borrow from China than the west, because of its low interest and moratoroum...but borrowing from China has some underlying conditions. Research on sri lanka, Djibouti, Zambia and Kenya....countries who defaulted in paying back. Congo happens to be the next(probably)...

At the moment, our revenue is stretched and cant pay back our debt easily.

So please, don't believe this narrative by Zainab Ahmed and her cohorts.

So Nigeria will be annexed to China.

I have always said it that they should just sell this country to China and share the money within everyone so i can just use my own to travel to Cotonou or Ghana and start a taxi busines, or better still use it to be playing sure 2 odds bet9ja before China takes over

webizone:



Ha ha ha. Nobody will blame Buhari if he didn't put himself in trouble. You saw Nigeria's problem and you know you couldn't solve it, why take the slack?

2. Ok maybe you can solve an aspect, why not transparently dissolve powers to strengthen institutions that can take on other aspects?

Power cannot be dissolved to strengthen institutions because it is practically impossible in Nigeria. Instead a true check and balance of power will more appropriate for Nigeria to work which will help reduce corruption. The power of the Presidency should be put into check by both the legislative and judiciary branch of government and vice versa. Unfortunately the executive branch of government in Nigeria is way more powerful than legislative and judiciary arm of power in which power is corrupted. Judiciary branch of Nigeria government is very weak and cannot enforce that law against powerful politicians. When EFCC and any anti-corruption agency are under the power of the Presidency of Nigeria, there is no transparency.

DeLaRue:

I like that you can see into the future to know that a project that is not completed will be profitable?

1. Trains anywhere in the world are rarely profitable, let alone being profitable enough to pay back 5 billion dollars in a poor country like Nigeria.

2. The Naira is on a long term devaluation trend. This will compound the problem of paying back a foreign-currency denominated loan.

3. Future governments will have to dip into dollar reserves to pay back this loan. However, since nearly 90% of the reserves comes from oil exports, & with oil prices forcasted to continue to be relatively low on a forward looking basis, the country is unlikely to have enough reserves to pay for it's imports let alone paying back huge foreign debts.

Lagos State has toll gates that it plans to toll for about 25 years or so. Lagosians are using world-class infrastructure for a fee without gnashing their teeth.

Similarly, the second Niger Bridge will be tolled for years. Toll gates had always been a norm in Nigeria before now.

If the Chinese will take over the project, it means that they can manage it better than the Nigerian government. It's no issue, is it?

You guys are simply suggesting that Nigeria is borrowing money that she does not have any plans to repay...that's being veryyyyyyyy irresponsible on the part of government. Remember that China is not giving them cash; they will deliver the infrastructure. That said, every borrower must be willing to repay his loan.

The good thing is that Nigerians will still be using it even when the Chinese have taken over it...perhaps travelers may have to pay more to access the services.

BTW, I must commend you for putting forward a logical argument unlike those who just quote me to hurl insults with nothing in their heads.
Truly, I don't understand why anyone should be worried about this deal, really.

I truly do not see any big deal here!

The universal understanding with loans is that, they are secured by the asset they intend to finance. If you walk into a Bank in Nigeria and request for a loan to buy a house, they will definitely secure that loan by asking for the documents of the house, same with a car, etc.

The outrage should not be at China, who are doing the common sense thing that, anyone here will do and which is in practice in Nigeria everyday...but to our so-called leaders who are milking the Nation.

komodapson:



My brother... I will never never fall for this weird logic, thinking its only through borrowing the FG can develop its infrastructure. Its a lazy man's approach.

What we require is good fiscal reforms and reduce (cut down on )cost of governance which is arguably one of the highest in the world. Harness revenue from other sources: Agriculture, service/manufacturing sector, maritime and solid minerals.

Put a hold on Forex spent medical tourism, Education, pilgrimages and all what not. Spend your scarce earnings in developing the Gas sector and steel production.

But unfortunately the leaders won't do it, why? It's more convenient to borrow from China than the west, because of its low interest and moratoroum...but borrowing from China has some underlying conditions. Research on sri lanka, Djibouti, Zambia and Kenya....countries who defaulted in paying back. Congo happens to be the next(probably)...

At the moment, our revenue is stretched and cant pay back our debt easily.

So please, don't believe this narrative by Zainab Ahmed and her cohorts.

Nice once bro.

Our nation may be bad but not irredeemable. Complaint about bad governance without striving for a change, maintains the status quo. We are Nigerian Youths and we can truly make a change for our dear nation.

Join us together as we birth a New Nigeria.

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