Apparently to secure firm repayment plan and to understudy viability or otherwise of key sectors for which Nigeria is seeking a $20b loan from the China EXIMbank, the Chinese government has listed certain demands to be met by the Federal Government.

Part of the conditions, According to the Guardian is for the Federal Government, through representatives from key ministries such as Finance, Budget and National Planning, Foreign Affairs, among others, to fine-tune terms and agreements, including possible repayment plan with the China Ministry of Commerce.

It was also learnt that the correspondences between the two countries are also to fast-track the understudying of key areas Nigeria needs the concessionary loan for, and for the purpose of making advisory contributions on the way forward.

Other conditions include; appointment of key Chinese officials to closely supervise funds released to the Nigerian government on loan agreement.

It would be recalled that Minister of Budget and National Planning, Udoma Udo Udoma in Beijing recently requested the Chinese government to assist Nigeria financially in funding critical infrastructure in the country. He presented a request for $20billion concessionary loan..

The Chinese government had although expressed willingness to support the Federal Government with a loan to finance capital budget deficits in the country, it however expressed concerns over how the loans will be managed to achieve maximum value, saying that its technocrats will of necessity first understudy Nigeria’s request and offer necessary advisory and financial assistance once the team finalize with the Nigerian government for onward transmission to China Exim bank for action.

Udoma, while describing the mission of his delegation to China, said Nigeria is trying to get as much of the Chinese funding for projects in the form of grants, aids, investments and loans, promising that the Federal Government has constituted a team of experts to liaise with the Chinese government in order to make the loan come through.

The Chinese government is however mindful of logistics on ground to pull such a heavy loan through, repayment challenges but the minister gave assurance that Nigeria will not exceed limits of loans she can repay.
Source: onomenews..com

Source?

I can't see any extreme or tough conditions in this article.

Chinese request for the FG to appoint "key Chinese officials to closely supervise funds released to the Nigerian government on loan agreement" makes perfect business sense given the huge amount involved and their past experience with mismanagement of such previous loans granted to past administrations.

I hope this goes through as quickly as possible so that we have some breather.

Add sauce, maggi & curry

this one baba dey smile, its like he wants to go to international space station with the money. Where is james ibori sef?

That condition is the only way something good can come out of any loan in Nigeria. A very good one from the Chinese government. Else they would pad and unpad it and use it to fund 1billion feeding at Aso rock

Hope it is not the same team of experts that padded our budget that is handling this?

Chinese no trust Buhari and his plenty thieves.

What's extreme about the conditions? Abi u want them to divert the funds?

BoleynDynaSTY:
What's extreme about the conditions? Abi u want them to divert the funds?

Think about the security implementation? At the surface it sounds safe but when you study how deep these guys will get involve in the decision making process with regards to how the loan is used you will understand that it is nothing more than giving the Chinese unrestricted access to national information without the chance of FG managing or controlling what information is passed to the Chinese.

On market level, the Chinese will have inside information and this gives them undue advantage over other competition and in the spirit of free and fee trade that is not acceptable.

In summary there are far more reaching consequences than I can put out in a short while.

Just a moment to think about it.

Bubuhari d dullard e go sign d loan thieves everywhere

The government should just forgo this useless loan and look inwards. We have enough mineral resources that can be exploit and embark in massive agriculture as alternative means of sourcing for funds to develop our public infrastructure rather than depend on the foreign vipers !!

journalist and their headines sha, all because of traffic


the "extreme condition" got me big time.


show me love, it's my birthday

DropShot:
Source?

I can't see any extreme or tough conditions in this article.

Chinese request for the FG to appoint "key Chinese officials to closely supervise funds released to the Nigerian government on loan agreement" makes perfect business sense given the huge amount involved and their past experience with mismanagement of such previous loans granted to past administrations.

I hope this goes through as quickly as possible so that we have some breather.

no be only you. Am still searching too

Extreme conditions indeed... What a waste of mb

Delivered as copied :
COPIED.

HOME TRUTH WHICH EVERY NIGERIAN THAT LOVES NIGERIA OUGHT TO READ WITH PATIENCE AND REFLECT ON. FORGET WHAT FOREIGN FRIENDS MAY THINK OR SAY, THINK ABOUT IT SERIOUSLY.

The biggest country in Africa that the United Kingdom colonized is Nigeria. The biggest country that the United Kingdom colonized in Asia is India (which then comprised the present Pakistan and Bangladesh). When the UK came into Nigeria and India, like all other countries they colonized, they brought along their technology, religion (Christianity), and culture: names, dressing, food, language, etc.

Try as hard as the British did, India rejected the British religion, names, dressing, food, and even language, but they did not reject the British technology. Today, 80.5% of Indians are Hindus; 13.4% Muslims; 2.3% Christians; 1.9% Sikhs; 0.8% Buddhists, etc. Hindi is the official language of the government of India, but English is used extensively in business and administration and has the status of a “subsidiary official language.” It is rare to find an Indian with an English name or dressed in suit.

On the other hand, Nigeria embraced, to a large extent, the British religion, British culture – names, dressing, foods, and language – but rejected the British technology. The difference between the Nigerian and the Indian experiences is that while India is proud of its heritage, Nigeria takes little pride in its heritage, a situation that has affected the nationalism of Nigerians and our development as a nation. Before the advent of Christianity, the Arabs had brought Islam into Nigeria through the North. Islam also wiped away much of the culture of Northern Nigeria. Today, the North
has only Sharia Courts but no Customary Courts. So from the North to the South of Nigeria, the Western World and the Eastern
World have shaped our lives to be like theirs and we have lost much or all of our identity.

Long after the British and Arabs left Nigeria, Nigeria has waxed strong in religion to the extent that Nigerians now set up religious branches of their home-grown churches in Europe, the Americas, Asia and other African countries. Just like the Whites brought the
gospel to us, Nigerians now take the gospel back to the Whites. In Islam, we are also very vibrant to the extent that if there is a blasphemous comment against Islam in Denmark or the US, even if there is no violent reaction in Saudi Arabia, the Islamic headquarters of the world, there will be loss of lives and destruction of property in Nigeria.

If the United Arab Emirates, a country with 75% Muslims, is erecting the tallest building in the world and encouraging the world to come and invest in its country by providing a friendly environment, Boko Haram ensures that the economy of the North (and by extension that of Nigeria) is crippled with bombs and bullets unless every Nigerian converts to Boko Haram’s brand of Islam. We are indeed a very religious people. Meanwhile, while we are building the biggest churches and mosques, the Indians, South Africans, Chinese, Europeans and Americans have taken over our key markets: telecoms, satellite TV, multinationals, banking, oil and gas, automobile, aviation, shopping malls, hospitality, etc.

Ironically, despite our exploits in religion, we are a people with little godliness, a people without scruples. It is rare to do business with a Nigerian pastor, deacon, knight, elder, brother, sister, imam, mullah, mallam, alhaji or alhaja without the person laying landmines of bribes and deception on your path. We call it PR, facilitation fee, processing fee, transport
money, financial engineering, deal, or whatever. But if it does not change hands, nothing gets done. And when it is amassed, we say it is “God’s blessings.” Some people assume that sleaze is a problem of public functionaries, but the private sector seems to be worse than the public sector these days.

One would have assumed that the more churches and mosques that spring up in every nook and cranny of Nigeria, the higher the
morals in our society. But it is not so. The situation is that the more religious we get, the baser we become. Our land never knew the type of bloodshed experienced from religious extremists, political desperadoes, ritual killers, armed robbers, kidnappers, internet scammers, university cultists, and lynch mobs. Life has become so cheap and brutish that everyday seems to be a bonanza.

We import the petroleum that we have in abundance, rice and beans that our land can produce in abundance, and even toothpicks that primary school children can produce with little or no effort. Yet we drive the best of cars and live in the best of edifices, visit the best places in the world for holidays and use the most expensive electronic and telecoms gadgets. It is now a sign of poverty for a Nigerian to ride a saloon car. Four-wheel drive is it! Even government officials, who were known to use only Peugeot cars as official cars as a sign of modesty, have upgraded to Toyota Prado, without any iota of shame, in a country
where about 70 per cent live below poverty. Private jets have become as common as cars. A nation that imports toothpicks and pins, flaunts wealth and wallows in ostentation at a time its children are trooping to Ghana, South Africa and the UK for university education
and its sick people are running to India for treatment.

India produces automobile and exports it to the world. India’s medical care is second to none, with even Americans and Europeans
travelling to the country for medical treatment. India has joined the nuclear powers. India has launched a successful mission to the moon. Yet bicycles and tricycles are common sights in India. But in Nigeria, only the wretched of the earth ride bicycles. I have intentionally chosen to compare Nigeria with India rather than China, South Korea, Brazil, Malaysia, or Singapore, because of the similarities between India and Nigeria. But these countries were not as promising as Nigeria at the time of our independence.

Some would say that our undoing is our size: the 2012 United Nations estimate puts Nigeria’s population at 166 million, while India has a population of 1.2 billion. Some would blame it on the multiplicity of ethnic groups: we have 250 ethnic groups; India has more than 2000 ethnic groups. Some would hang it on the diversity in religion: we have two major religions – Christianity and Islam; but India has many. Some would say it is because we are young as an independent nation: we have 52 years of independence; India has 65 years, while apartheid ended in South Africa only in 1994.

I am a Christian, and nothing can change me from Christianity. But I think that our country is daily sinking into religiosity to the detriment of godliness. Our land is sick and needs healing. “If my people who are called by my name will humble themselves, and pray and seek my face, and turn from their wicked ways, then I will hear from heaven, and will forgive their sin and heal their land” is still a saying that is germane to our current situation. We need more godliness than religion; more work and less hope; and more action and less words. Let everyone tidy up his or her corner first and demand fervently that our leaders tidy their areas of governance. Our nation is degenerating at a fast pace and we need to save it now.

God bless the writer and the reader. Please share with fellow Nigerians!

OK o. This source ehn

Most foreign govts see Nigeria as a riff raff country run by greedy pigs who will steal any money in sight.

I'm not surprised the Chinese are being extremely careful.


Also, Chinese are usually very slow in negotiations that I dont believe they will release any funds to Nigeria this year.

And when they eventually release any funds, it'll be so little, may be $2 billion, it will make no difference to Nigeria's current plight.


Truth is, no one really wants to lend Nigeria money, but they wont tell our incompetent officials directly.

Nice write up.

onnenka:
Chinese no trust Buhari and his plenty thieves.

..After their experience with Jonathan and his legion of avaricious "kleptocrats"

The biggest country that the United Kingdom colonized in Asia is India (which then comprised the present Pakistan and Bangladesh).

India had to let go the Muslims in Pakistan and the non conformational elements in Bangladesh to gain a form of homogeneity that enabled her to get where she is today.

India is largely a Hindi country, this Hindi central culture provides a fulcrum to the Indian nation which the other minority groups attach to.

Nigeria can't work, it has to undergo the India excision, then a part of her will become a new successful country, while the remaining two will become like Bangladesh and Pakistan.

Apatuku, this is a very vital perspective to your long easy that you were too blind to see. Thank goodness that I am at hand to point them out for you.

Shalom

DropShot:
Source?

I can't see any extreme or tough conditions in this article.

Chinese request for the FG to appoint "key Chinese officials to closely supervise funds released to the Nigerian government on loan agreement" makes perfect business sense given the huge amount involved and their past experience with mismanagement of such previous loans granted to past administrations.

I hope this goes through as quickly as possible so that we have some breather.

Garbar shehu said this adminstration have saved 2trillion naira from subsidy removal inspit of avengers treat up till now no queue in our filling stations or ur President wants to loot more money for his wife to hide