See what Gov.Fayose wrote to Chinese government

Ekiti State Governor, Mr Ayodele Fayose has
written to the Chinese government, seeking
the stoppage of the $2 billion loan being
sought by the federal government of Nigeria.
He wrote 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.”
In the letter dated April 12, 2016, with
reference number EK/GOV/28/10, addressed
to President Xi Jinping of China and delivered
by Chief of Staff to the governor, Barrister
Dipo Anisulowo in Abuja on Thursday, through
the Chinese Ambassador to Nigeria, Gu Xiaojie,
Fayose said some of the projects for which
the loan was being sought were not captured
in the controversial 2016 budget, which has
been sent to the President by the National
Assembly for his assent.
Anisulowo, who was accompanied by Deputy
Speaker of the State House of Assembly, Hon
Segun Adewumi, Chairman House Committee
on Information, Gboyega Aribisogan, Chairman
House Committee on Health, Dr Samuel
Omotosho and Special Assistant to the
Governor on Public Communications and New
Media, Lere Olayinka, said Governor Fayose,
who is in China will also deliver a copy of the
letter directly to the Chinese President.
The letter read in part: “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.
“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, Mohammadu Buhari owing to
unending controversies between the Executive
and Legislative arms of government.
“According to reports, Nigeria desires to raise
about $5 billion abroad to cover part of its
2016 budget deficit. This is projected to hit N3
trillion ($15 billion) due to heavy infrastructure
spending at a time when the slump in global
oil prices has slashed the country’s export
revenues.
“While conceding that all nations, especially
developing ones need support to be able to
grow because no nation is an island, I am
constrained to inform you that if the future of
Nigeria must be protected, the country does
not need any loan at this time.
“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.
“It will interest the government of China to
know that some of the projects for which the
loan is being sought are not captured in the
controversial 2016 budget, which has been
sent to the President by the National
Assembly for his assent. For instance, the
Lagos – Calabar Rail project was not included
in the budget proposal the President
presented to the National Assembly and it was
not included in the Appropriation Bill passed
by the National Assembly.
“Most importantly, Nigeria is presently
servicing debt with about 25 per cent of its
annual budget and what will happen to the
economy in 2017, when the country will begin
to service the additional debt to be incurred
this year is better imagined than experienced.
“The Chinese government must also be aware
that some western nations approached by the
Federal Government for loan diplomatically
and cleverly declined.
“This must have been informed by the
suspicion in the present government’s
capacity to salvage the nation’s economy as
well as the sincerity in the fight against
corruption. More so that Nigeria’s Foreign
Reserve, which is the only guarantee for
foreign loan has declined to a very
uncomfortable

Source:daily trust