the ineptitude of this current set of leaders is tending towards criminally insane levels, how when so much executive wastage exists; how can you, with a clean conscience, go with cap in hand to nations like india and china, this is the worst kind of neo-colonialism.

see http://www.vanguardngr.com/2011/12/fg-seeks-loans-from-india-china-france-to-fund-2012-budget/ for full gist

LAGOS - The Federal Government is to fund a quarter of its 2012 budget proposal with external and domestic loans with the third world country, India, for the first time giving a helping hand to the Nigerian treasury.

A total of $1.712 billion estimated at N265.36 billion is coming from countries such as India, China and France while the government is also expecting to dig N794 billion from the domestic market, bringing total borrowings for funding of fiscal 2012 at N1.059 trillion. The Federal Government spending proposal for 2012 laid before the National Assembly by President Goodluck Jonathan is N4.7 trillion.

Besides the N1.059 loan needed to fund government spending next year, the government is also expecting to borrow another N600 billion from the capital market to refinance matured loans.

$1.032 billion is to be sourced from India, Japan, China under new borrowings to fund the N4.74 trillion Federal Government budget, according to the budget details submitted to the National Assembly.

The new borrowings by government is besides $679.53 million in existing loan agreements that would be drawn down in the forthcoming budget year, according to accompanying details on the budget forwarded to the National Assembly.

The government is also expecting to actively borrow from the capital market in fiscal 2012 with a proposal to raise N1.394 trillion from the capital market. N794 .440 billion to be realised from the capital market is to be used in financing the 2012 budget while the balance of N600.4 billion is to be used in refinancing of matured Federal Government bonds.

The accompanying documents forwarded to the National Assembly with the budget proposal showed that the new borrowings in the coming year would come from France, Japan and India while China which already has a running loan agreement with the Federal Government would sustain its commitment to the Nigerian treasury in fiscal 2012.

Under the new borrowings, the French Development Agency is providing $159.69 million, the Japanese Overseas Development Agency is providing $150 million, $300 million is coming from the Chinese Global Facility, another $9 million is coming from a credit line from India.

Other sources of new borrowings are the International Development Association, IDA, an arm of the World Bank which is providing $343.5 million while the African Development Fund, a development channel of the African Development Bank is providing $70.5 million.

Ongoing funding commitments to be sustained to finance the budget would come from the IDA which is providing $319.53 million, ADF ($70.61 million), IDB supposedly the Islamic Development Bank ($16.34 million), the International Fund for Agricultural Development, IFAD ($26.52 million) and the Eximbank of China which is providing $246.53 in ongoing funding for the treasury.

WOW . . . . 2007 we had $40 Billion to work with. Less than 4 years later, we are back to borrowing, and with nothing to show for all that money?  I said this would happen, and . . . .

Damn, that sucks

Nobody knows how much money is really coming in or how much money is really on the books to be spent.

They keeping their hands in the "treasury" until it is empty.

However, this should not come as a surpise - the disease is called UNACCOUNTABILITY in both financial and non-financial areas of governance.

Kobojunkie:

WOW . . . . 2007 we had $40 Billion to work with. Less than 4 years later, we are back to borrowing, and with nothing to show for all that money?  I said this would happen, and . . . . 

Most people no even send again hence no more comments??

recycling. they borrow money with left and they loot the money back with right

Now, honestly I feel like slapping that man called Mr. President. No offense to Beaf, I support GEJ at certain times but this dude is doing too much now. What in the heck are we doing with loans? For crying out loud, can't we live within our means? Security budget accounted for more than $5.2 billion dollar, like seriously, why do we like borrowing? We are about to the United States of Africa with this pattern of borrowing. I'm just SMH at inefficiencies of the government.