quote:Nigeria borrows $3bn, may ask for more By Everest Amaefule, Abuja Published: Tuesday, 25 Sep 2007 NIGERIA has the capacity to borrow and benefit from multilateral lending agencies, the Minister of Finance, Dr. Shamsuddeen Usman, has said.
Finance Minister, Dr. Shamsudeen Usman
Speaking at the opening of the premier meeting of the Donor Agencies Assisted Programme in Abuja on Monday, he said Nigeria borrowed $3bn from multilateral agencies, between 1999 and 2007.
He, however, said this figure was a ‘drop in the ocean’ as the problems of the country were enormous.
He insisted that Nigeria needed greater injection of funds to tackle its many problems.
He named the multilateral agencies that provided the $3bn to include the World Bank, African Development Bank, the International Fund for Agricultural Development and the Islamic Development Bank.
The minister also disclosed that he would this week, set up a committee to undertake a comprehensive review of some import waivers, which had been suspended by the Federal Government.
He said, “We have seen from the presentation of IDB what funds are available on long-term (40 years) at zero interest. But even the World Bank and others only charge for administrative costs.
“So what are we doing? They are willing to give us more; we have the capacity to take more and we need more. So what are the problems? We have to identify them because $3bn since 1999 is paltry given the size of our problems.”
“We are talking of huge infrastructural projects. We are looking for billions of dollars to get power going. Imagine what will happen to this economy if we have sufficient power. Just imagine if you close your eyes and you cannot remember when light went off unexpectedly.
“Now we need billions of dollars to do the railways; we need billions of dollars to do the roads; we need billions of dollars in so many areas like food security and these funds are available and are cheaper.”
The minister said it was high time Nigeria increased its activities with the donor agencies because one of the conditions for securing debt relief from the Paris and London clubs of creditors was that the nation would restrict its future borrowing to concessionary loans.
He said that Nigeria was not a rich country but a richly-endowed nation and therefore, needed additional funding from the international community to tackle its developmental challenges.
“The limited resources that we have even with oil are completely inadequate to finance the level of basic infrastructure that we need. What is the total capital vote of the Federal Government in the 2008 budget that we are preparing? So far we have been able to come up with a little over N600bn,” he said.
Usman said that with a long tenure of 40 years, most of the present actors would not be alive when the loans would be due for repayment.
According to him, this imposed the responsibility on them to use concessionary loans well.
He also said it would be wrong for the Ministry of Finance to ask the World Bank to provide 100 per cent funding for its projects in the country.
According to him, the Federal Government will continue to budget for counterpart funding as it is the proper way to show its commitment to the projects.
He said there was evidence of abuse of import waivers by state governments.
“The correct thing is: budget for any taxes. Put it as part of your budget and pay the taxes when due. If we are all doing it properly, this money will come back to us anyway. Who gets Value Added Tax? Much of it goes to the states and local governments. So at the end of the day, the money will come back. And the abuses will stop,” he said.
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___________________ Feel me? Ofu onye ana asi unu abia go. - Ednut Igbo-American . www.airamericaradio.com visit her. Posts: 2447 | From: Mother Earth | Registered: Mar 2001
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To hell with the finance minister who outlined why the nation needed to borrow money and what they are for. Honest to God I'm disappointed and ashame to associate myself with that country let alone say I came from there. Sani Abacha and his dependants had more than that and some of them were seized, but went into other theives pockets. Is it not a shame that after 47years, nigeria is still Crawling while many nations without half our blessed resources are growing stronger. Someone should tell the minister that without good human and resources management, he could borrow hundred of zillion dollars; but it would go into their individual corrupt pockets without getting any where near the original purpose of the fund. Did he think we've forgotten that it's the same country where Abiola and his ITT(international thief thief) company got paid seven hundrend million dollars for a seventy million dollars contract that was not executed. But one thing I would like to say is if he drage the country into borrowing money from the Al-qaeda, he and his boss are in for something. Because not even Obasanjo who is the back seat driver of this regim with all his western world connections could save them. It's a shame in a country flowing with black gold, people are still dying of hunger and after 47year there is no water, not good health system in place, no electricity and no road either good or bad. Corruption strives suffering and wickedness in high, middle and low places is the norm of the day. It is truly a shame and my heart goes to the poor citizens of that nation that has been sold and disappointed by their leaders and Shamsudeen Usman trying to steal some more is asking us to believe the money that would be divided among themselves would be used for the things he said. But Dr Usman you can fool some people for sometime but you can't fool all the people all the time, it about time someone tells you and you boss Yaro Yaradua to wake up and smell the nunu and stop thinking you can fool people like Obasanjo did.
Posts: 79 | From: United Kingdom | Registered: Jun 2007
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Folks Another round of looting and money sharing has began,under the watchful eyes of fools called nigerian's. What happened to all the money recovered from the thieves that where in Obasanjo's government. This include the local government chairmen, governors, ministers, thousands of advicers, who looted the country dry. Obasanjo alone can cough out this money if he is probed. Where are the university student's, Labour union, and other watch dog org. in nigeria.How can everyone fold their hands and watch the country raped, by few individuals who call themselves leaders, year after year. After all this present government is not legit.Nigeria goes From one useless adminstration to another, like a vicious cicle.
Posts: 88 | From: USA | Registered: Feb 2006
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Igbocheta, You are the son of your father cheers mate for the wise sayings above. Like I asked earlier what happened to the money confiscated from the Abacha's estate. It's a pity these people are stealing from our people and borrowing money in the name of our people which will be shared among them before the world bank ink will dry on the paper. God save that country and her people and help them to wake up and realise what's going on right under their noise. The elits have fled the country those still there are looking after the number one, themselves and their families. Can someone make OBJ caugh up all the wealth he stole both when he was a military junta and when he pretended to be a civilian and was help by the US he refused him the post of secretary General of the UN in place of Kofi Annan, or are the Buddist monks he hides at his Ottah farm blinding the people of that country and thus making him untouchable.
Posts: 79 | From: United Kingdom | Registered: Jun 2007
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I was in Nigeria on 10/1/2007, there was not much of a celebration in Nigeria. The market was open, there was no sign or indication that Nigeria celebrated her independence, after all, what is there to celebrate, said a Taxi driver but happy the soldiers are gone. I arrived at the International Airport, there was no water in the rest room. The rest room was full of kettles on the floor and the floor is wet. I noticed a man washing his feet in the sink. The aircondition was not working either. What a country?
Nigeria is destined to loose because we do not have any thing in common, not even a language or culture. Nigeria does not have any ordinary patriotic song among her citizens except the National Anthem. There is no culture that holds or brings them together, so why are we Nigerians?
Hail Biafra.
[ October 06, 2007, 12:26 PM: Message edited by: Waypoint1Biafra ]
Posts: 1673 | From: Minnesota USA | Registered: Mar 2001
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That's a good question. There is no relationship whatsoever between the small hat man, or mallam (the Hausa)with the guys who shits and weed in a pot or mie sha kashi a kwanu (the Yoruba) or with Okoro nmaduekwe or yamiri (the Igbo). Still in other to stick to power, the leaders who are aware of this, continued to delude themselves by Flogging the dead elephant with clay leggs. Yet the ministers are linning their pockets with money borrowed in the name of that dying entity.By the way welcome my back if you've left that hell hole and returned to the US. For as a Biafran there is no place for you in that hell hole. For three hellish years Biafra was able to run itself perfectly and better than Nigeria ever has since independence. If Biafra could administer herself so well with limited resources, why can't Nigerian with abundance of resources both human and natural do better. The only answer that comes to mind is the blind can't lead the sighted. Untill the Aggressive hostile blind power hugers who have since the end of the civil war been leading that country into the ways of destruction should get lost and let the philosophy leaders with vision lead. But to be honest with you, the only way out is the dissolution of that British forced union call Nigeria. Since the Amalgamation of the north and south of that entity called Nigeria, it has alway been every tribe to herself. Why should the meanly northern dominated government using the name of everyone to borrow money while the rest of the population is saddened with the heavy borden of paying for what they never got. I'm not surprise you saw kettles everywhere, because the north have transported there begging community from as far as Sokoto, Birini kabbe and Kawora namoda to Lagos and house them in places like the international airport to be the nation's eyesaw which foreigners sees first on arrival. What a shame!!! Hail Biafra, for we shall one day return like the saying "Agarachia must come back!
Posts: 79 | From: United Kingdom | Registered: Jun 2007
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The Igbo (competitive can-do culture) have absolutely NOTHING in common with awusa/yoroba, who have since 1970, removed any remaining doubts by the way they have run nigeria, that they are not in the business of building things or building modern technology that improve the quality of life, or competing in the world marketplace for a fair share of world resources; these cultures are dumbing down the Igbo Way. The anything-goes, fraud-ridden awusa/yoroba cultures, that believe a man can be wealthy without working for it, is a major treat to Igbo readiness to compete in the global marketplace. The only solution is Biafra which removes Igbo from awusa/yoroba laws, administration, incompetence, fraud and mismanagement, to the Land of the Rising Sun where meritocracy reins supreme, and God-given Igbo creativity, technology, innovation, are major part of the value system.
It is impossible to build a modern society with people who believe they can acquire wealth without working for it; this attitude is corrupting he Igbo value system.
Hail Biafra, the Land of the Rising Sun!!!!!
___________________ achieve Biafra and show the difference Posts: 642 | From: Los Angeles, CA | Registered: Nov 2002
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