Don’t Give Nigeria The $2 billion Loan – Fayose Writes China

Picture of Nigeria's President Buhari and Chinese president, Xi Jinping
Picture of Nigeria’s President Buhari and Chinese president, Xi Jinping

Governor of Ekiti state, Ayo Fayose of Ekiti has written to the Chinese government in a letter dated April 12th, 2016, with reference number EK/GOV/28/10 addressed to President of China, Xi Jinping and was delivered on Thursday to the Chinese Ambassador to Nigeria, Gu Xiaojie by Chief of Staff to the governor, Barrister Dipo Anisulowo in Abuja. The letter was written to stop the $2 billion loan being sought for by the Federal Government of Nigeria.

Fayose urged the Chinese government to be mindful of some of the projects for which the loan was being sought for “as they were not captured in the controversial 2016 budget, which the National Assembly sent to the President for his assent”.

He also added that, “The government of China should be mindful of the fact that Nigerians, irrespective of their political and religious affiliations are totally opposed to increment of the country’s debt burden, which is already being serviced with 25 per cent of the Federal Government annual budget”.

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The letter read: “I write as one of the major stakeholders in the project Nigeria, and a governor of one of the federating units making up Nigeria, to draw your attention to report that the Federal Government of Nigeria is on the verge of obtaining a $2 billion loan from the Export-Import Bank of China”.

Fayose said, “This $2 billion loan is part of the N1.84 trillion the Federal Government of Nigeria has proposed to borrow to finance the 2016 budget, which is yet to be signed by the President, Muhammadu Buhari owing to unending controversies between the Executive and Legislative arms of government”.

He reiterated that, “It will also interest Your Excellency that our presidents visit to china will be his 28th trip outside Nigeria since he assumed office 10 months ago and this unnecessary foreign trip is estimated to have cause the country $50 million”.

The letter concluded that, “I therefore appeal to Your Excellency to assist Nigeria and its people in the area of technology transfer so as to limit importation of goods and services, rather than granting the country unnecessary loan”.


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