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WRONG PERCEPTION OF APC ADMINISTRATION OVER CHINESE LOANS
Opposition Party PDP Supporters have been misleading Nigerians that APC led Government has mortgaged Nigeria’s future generations on Chinese loans.
Before they deceive people further, let Nigerians know the truth about which Party in Government took more Chinese loans between PDP and APC.
Below is the History of Chinese loans taken by Nigerian Governments according to Punch Newspaper in a 2021 publication:
“The Debt Management Office DMO has made some statements on the China Loans in recent times.
In a statement the DMO said:
The total borrowings from China of $3.121bn as at March 31, 2020, are concessional loans with interest rates of 2.5 per cent per annum, tenor of 20 years and grace period (moratorium) of seven years.”
“According to the DMO, the terms are compliant with the provisions of Section 41 (1a) of the Fiscal Responsibility Act, 2007.
In addition, the low interest rate reduces the interest cost to government while the long tenor enables the repayment of the principal sum of the loans over many years.
Eleven projects, ranging from water supply, power generation, railways, airport terminals, communication to agricultural processing are funded by the loans acquired.
The Director-General, DMO, Patience Oniha, had in February said, “So far, let’s be very clear that there has not been any default, whether of local or international debt.”
The earliest of the funding agreements between Nigeria and China was signed in 2010 with an interest rate of 2.5 per cent yearly, a repayment period of about 20 years and a grace period of seven years.
If Nigeria is unable to pay its first debt by 2038, the country may have to lease out any of the Chinese-funded projects in Nigeria to China.
1. The first loan project was for the Nigerian national public security communication system project with $399.50m agreed on December 20, 2010 and disbursed.
2. The second loan was for the Nigerian railway modernisation project (Abuja – Kaduna section) with $500m agreed on December 20, 2010 and disbursed.
3. The third loan was for the Abuja light rail project with $500m agreed on November 7, 2012 and disbursed.
4. The fourth loan was targeted at Nigerian ICT infrastructure backbone project with $100m agreed on January 5, 2013 and disbursed.
5. The fifth loan was meant for the Nigerian four airport terminals’ expansion project (Abuja, Kano, Lagos and Port Harcourt) with $500m agreed on July 10, 2013 but $455.28m was disbursed, which is 91.06 per cent of the agreed amount.
6. The sixth loan was for the Nigerian Zungeru hydroelectric power project with $984.32m agreed on September 28, 2013 but only $518.24m was disbursed, which is 52.65 per cent of the agreed amount.
Summary of Chinese loans taken by PDP Government from 2010 to 2013 – Government applied for 6 loans, and received 6 loans as follows:
Dec 20, 2010: $399.50 Million
Dec 20, 2010: $500.00 Million
Nov 7, 2012: $500.00 Million
Jan 5, 2013: $100.00 Million
July 13, 2013:$455.28 Million
Sep 28, 2013:$518.24 Million
*Total Loan taken by PDP Government = $2,473.02 Million (Approx $2.5 BN).*.
Loans under APC Government:
7. The seventh loan was for the Nigerian 40 parboiled rice processing plants project (Federal Ministry of Agriculture and Rural Development), with $325.67m agreed on April 26, 2016, but no loan was disbursed by China.
No loan taken.
8. The eighth loan was for the Nigerian railway modernisation project (Lagos – Ibadan section), with $1.27bn agreed on August 18, 2017 but only $759.84m was disbursed, which is 17.50 per cent of the agreed amount.
9. The ninth loan was targeted at the rehabilitation and upgrading of Abuja-Keffi-Markurdi road project with $460.82m agreed on August 18, 2017 but only $80.64m was disbursed, which is 59.96 per cent of the amount agreed.
10. The 10th loan was meant for the Nigeria supply of rolling stocks and depot equipment for the Abuja light rail project with $157m agreed on May 29, 2018, but nothing was disbursed.
No loan taken.
11. Lastly, the 11th loan was for the Nigeria greater Abuja water supply project with $381.09m agreed on May 29, 2018, but nothing was disbursed.
No loans taken.
Summary of Chinese loans taken by APC Government – Applied for 5 loans and received 2 loans:
August 18, 2017: $759.00 Million
August 18, 2017: 80.64 Million.
*Total Loans taken by APC Government = $840.44 Million (less than $1BN).*
With the above raw data on Chinese loans from the Debt Management Office DMO, PDP Government took about $2.5 BN loans from China while the APC Government has taken about $840 Million loans from China.
This brings the total amount of Chinese Loans taken by Nigeria to about $3.4BN
Despite taking the bulk of Chinese loans and pocketing the loans money, Leaders of PDP Government sold highly valueable National Assets to their friends and shared the money.
Looking at above information on Chinese Loans, PDP took the first loan in 2010 with agreement of seven years of Grace, meaning that in 2017, APC Government started paying back the loan that PDP Government took and pocketed in 2010 and subsequent PDP Government loans upwards till now.
So, between PDP led Government and APC led Government, which one should be crucified for selling Nigeria and Nigeria’s present and future generations to China over loans?
Judging from the performances of APC led Government, and PDP led Government on tangible Infrastructural and Social Programs Investments in Nigeria, which of the two Parties should be allowed to carry on with the development of Nigeria, and which one should never be allowed to return and complete their 16 years of destruction of the country?
Is it the APC led Government that took less amount of loans, when price of Crude Oil was low and quantity of oil production reduced, and can point to several tangible evidences of the work done with the loans?
Or the PDP led Government that took the bulk of the Chinese loans, when the price of Crude Oil was high and quantity of oil production high, and can not point to tangible evidence of the use of the loan amount?WRONG PERCEPTION OF APC ADMINISTRATION OVER CHINESE LOANS
Opposition Party PDP Supporters have been misleading Nigerians that APC led Government has mortgaged Nigeria’s future generations on Chinese loans.
Before they deceive people further, let Nigerians know the truth about which Party in Government took more Chinese loans between PDP and APC.
Below is the History of Chinese loans taken by Nigerian Governments according to Punch Newspaper in a 2021 publication:
“The Debt Management Office DMO has made some statements on the China Loans in recent times.
In a statement the DMO said:
The total borrowings from China of $3.121bn as at March 31, 2020, are concessional loans with interest rates of 2.5 per cent per annum, tenor of 20 years and grace period (moratorium) of seven years.”“According to the DMO, the terms are compliant with the provisions of Section 41 (1a) of the Fiscal Responsibility Act, 2007.
In addition, the low interest rate reduces the interest cost to government while the long tenor enables the repayment of the principal sum of the loans over many years.
Eleven projects, ranging from water supply, power generation, railways, airport terminals, communication to agricultural processing are funded by the loans acquired.
The Director-General, DMO, Patience Oniha, had in February said, “So far, let’s be very clear that there has not been any default, whether of local or international debt.”
The earliest of the funding agreements between Nigeria and China was signed in 2010 with an interest rate of 2.5 per cent yearly, a repayment period of about 20 years and a grace period of seven years.
If Nigeria is unable to pay its first debt by 2038, the country may have to lease out any of the Chinese-funded projects in Nigeria to China.
1. The first loan project was for the Nigerian national public security communication system project with $399.50m agreed on December 20, 2010 and disbursed.
2. The second loan was for the Nigerian railway modernisation project (Abuja – Kaduna section) with $500m agreed on December 20, 2010 and disbursed.
3. The third loan was for the Abuja light rail project with $500m agreed on November 7, 2012 and disbursed.
4. The fourth loan was targeted at Nigerian ICT infrastructure backbone project with $100m agreed on January 5, 2013 and disbursed.
5. The fifth loan was meant for the Nigerian four airport terminals’ expansion project (Abuja, Kano, Lagos and Port Harcourt) with $500m agreed on July 10, 2013 but $455.28m was disbursed, which is 91.06 per cent of the agreed amount.
6. The sixth loan was for the Nigerian Zungeru hydroelectric power project with $984.32m agreed on September 28, 2013 but only $518.24m was disbursed, which is 52.65 per cent of the agreed amount.
Summary of Chinese loans taken by PDP Government from 2010 to 2013 – Government applied for 6 loans, and received 6 loans as follows:
Dec 20, 2010: $399.50 Million
Dec 20, 2010: $500.00 Million
Nov 7, 2012: $500.00 Million
Jan 5, 2013: $100.00 Million
July 13, 2013:$455.28 Million
Sep 28, 2013:$518.24 Million
*Total Loan taken by PDP Government = $2,473.02 Million (Approx $2.5 BN).*.
Loans under APC Government:
7. The seventh loan was for the Nigerian 40 parboiled rice processing plants project (Federal Ministry of Agriculture and Rural Development), with $325.67m agreed on April 26, 2016, but no loan was disbursed by China.
No loan taken.
8. The eighth loan was for the Nigerian railway modernisation project (Lagos – Ibadan section), with $1.27bn agreed on August 18, 2017 but only $759.84m was disbursed, which is 17.50 per cent of the agreed amount.
9. The ninth loan was targeted at the rehabilitation and upgrading of Abuja-Keffi-Markurdi road project with $460.82m agreed on August 18, 2017 but only $80.64m was disbursed, which is 59.96 per cent of the amount agreed.
10. The 10th loan was meant for the Nigeria supply of rolling stocks and depot equipment for the Abuja light rail project with $157m agreed on May 29, 2018, but nothing was disbursed.
No loan taken.
11. Lastly, the 11th loan was for the Nigeria greater Abuja water supply project with $381.09m agreed on May 29, 2018, but nothing was disbursed.
No loans taken.
Summary of Chinese loans taken by APC Government – Applied for 5 loans and received 2 loans:
August 18, 2017: $759.00 Million
August 18, 2017: 80.64 Million.
*Total Loans taken by APC Government = $840.44 Million (less than $1BN).*
With the above raw data on Chinese loans from the Debt Management Office DMO, PDP Government took about $2.5 BN loans from China while the APC Government has taken about $840 Million loans from China.
This brings the total amount of Chinese Loans taken by Nigeria to about $3.4BN
Despite taking the bulk of Chinese loans and pocketing the loans money, Leaders of PDP Government sold highly valueable National Assets to their friends and shared the money.Looking at above information on Chinese Loans, PDP took the first loan in 2010 with agreement of seven years of Grace, meaning that in 2017, APC Government started paying back the loan that PDP Government took and pocketed in 2010 and subsequent PDP Government loans upwards till now.
So, between PDP led Government and APC led Government, which one should be crucified for selling Nigeria and Nigeria’s present and future generations to China over loans?
Judging from the performances of APC led Government, and PDP led Government on tangible Infrastructural and Social Programs Investments in Nigeria, which of the two Parties should be allowed to carry on with the development of Nigeria, and which one should never be allowed to return and complete their 16 years of destruction of the country?
Is it the APC led Government that took less amount of loans, when price of Crude Oil was low and quantity of oil production reduced, and can point to several tangible evidences of the work done with the loans?
Or the PDP led Government that took the bulk of the Chinese loans, when the price of Crude Oil was high and quantity of oil production high, and can not point to tangible evidence of the use of the loan amount?
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5 Replies
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779
Points
I actually thought it was all a rumour before 🤧
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779
Points
Feels like we went from bad to worse
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779
Points
God please 🙏 help us Nigeria
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779
Points
This Government dey carry us where we no know 😩
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65239
Points
🙏🙏🙏❤️
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