Stella Dimoko Korkus.com: Finance Minister Kemi Adeosun Says It May Take 30 YEARS To Repay $5.5Bn Loan Sought By President Buhari

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Saturday, 21 October 2017

Finance Minister Kemi Adeosun Says It May Take 30 YEARS To Repay $5.5Bn Loan Sought By President Buhari

Nigeria Minister of Finance Kemi Adeosun, has said that it might take five to 30 years to repay the $5.5billion loan that President Muhammadu Buhari is seeking.


Last week Tuesday, President Buhari approached the national assembly to approve the money, explaining that $3 billion would be used to service domestic debts while $2.5 billion would be for the funding of the 2017 budget. Accusing Buhari of mortgaging the future of Nigerians, the Peoples Democratic Party (PDP) asked the national assembly to reject the request.


But speaking when she appeared before the senate committee on local and foreign debts, Adeosun who was represented by Patience Oniha, director-general of the Debt Management Office (DMO), said long term-loans, such as this one, would be used to finance capital projects that had long-term benefits. The minister urged Nigerians to look at the long-term benefits the country stands to gain from the loan.


In terms of tenure, from the figures that distinguished senators have reeled out, we have them in various tenors. What you do is at the time you get to the market and you want to price, you will be more certain about the price. It could be anywhere from five to 30 years.

From The Cable

10 comments:

charitybino said...

What about recovered loots?
This present government sha

Anonymous said...

It's not enough looting our present income, now u want to trade our future generation. Prosperity will judge.

Orla said...

It's not enough looting our present income, now u want to trade our future generation. Prosperity will judge.

Teebliss said...

Hey Nigeria how did we get here? When will this country ever become stable? With our bpresent condition u still want to borrow for d future generation to pay? Meanwhile Kemi when will u ever dress cute? U can't even keep ordinary simple nice hairstyle and look good ,I wonder what u can do right o

Anonymous said...

So we are back to borrowing long term.
Madam! We don't need the loan.
This administration is a joke biko.

Empress CHO said...

It's sad we have unserious and selfish legislators who clearly have a lot of dirts that can be used against them, else i have no idea why else they cannot downsize the excesses of this 'so-called saint' and his associates.
The biggest fools are the southern legislators who do not understand the handwriting on the wall. The worst fools are Southern Nigerians waiting for posterity to judge or for this administration to end.

This administration has been dedicated to one sole project... Diversifying the Economy of Northern Nigeria and nothing else.
Go look closely at all the borrowings and what it's used for. The kind of capital projects being constructed in the North. The vigour with which solid mineral exploration and development, oil exploration activities is being pursued. Southerners sit down shouting for roads, the North is being pumped with 'Economic Stimulators'.
I am one person who could stand as a non-tribalistic Nigerian, but hey this is plain truth i am spilling. The North is actually gearing itself for secession.

The south-east still hopes and even is being taunted with a miserable 2nd Niger bridge when there should be works going on about inland port cities, industrial parks, solid mineral exploration and exploitation, enhancing manufacturing activities.
I feel sorry at how blinded Southerners are, even the more political suave Yorubas. Watch the correlation between huge projects in the North, Nepostic appointments and the announcememts of the massive impoverishment and backwardness of the North. It's a distraction!!!
They scream how poor they are, how many out of school children they have, The level of starvation and underdevelopment to keep you saying Oh, how is it our fault, you guys have been in power the most, you guys keep over reproducing or refuse to drop fanatical islam....blablabla, While they continue the groundwork.

No loans should be approved anymore in the interest of all Nigerians. Plug the excessive leakages, slash/obliterate the allowances of public service holders. Every list of projects should be probed for 'federal character'. Every region should be evenly developed. Projects should be even especially in QUALITY and it's ability to stimulate productivity and jobs. It is unfair to build road in one region, only to go build hundreds of millions Hydro-electric dams when the former region have resources that can generate electricity and should be developed. It is wrong to help some states boost their revenue generation drive and reduce their over dependence on federal allocations while you 'compensate' others with filthy condescending appointments and minimal projects.

Fierce of SDK blog said...

*posterity anon.

Fierce of SDK blog said...

Oh! They want to use loan to fund the budget abi? So we don't have a kobo on ground? What about recovered loots,what about oil money,tax,etc? I see. Change indeed.

Amacastel said...

Very terrible govt # say no to loan sort by Apc govt # Rbc till it get all over the country

Uberhaute| +234 8151914305|Beauty Therapy| Sales n Services said...

Empress, I weep for Nigeria

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