Ekiti State Governor, Mr, Ayodele Fayose, has written to the
Chinese President, Xi Jinping, to turn down President Muhammadu
Buhari's request for a $2 billion loan from China . The letter (Ref. EK/GOV/28/10) which was delivered to
the Chinese Embassy in Abuja by top officials of the Ekiti State Government
will also be given directly to the Chinese leader by Gov Fayose has already
left the country to China. Incidentally, President Buhari is still in China on a
state visit. Below is the letter:
*Gov Fayose |
“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, Muhammadu 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.