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Fayose Writes China Not to Lend Money to Nigeria – “Nigerians are totally opposed to the increment of the country’s debt burden”

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Governor FayoseGovernor Ayo Fayose of Ekiti state who has been very vocal against President Buhari’s administration has called on the Chinese government not to grant the request for a $2 billion loan by the Federal government, saying Nigerians are opposed to it.

The letter was delivered by Fayose’s Chief of Staff, Barrister Dipo Anisulowo, in Abuja on Thursday, through the Chinese Ambassador to Nigeria, Gu Xiaojie. According to the governor’s media aide, Lere Olayinka, Fayose who is also in China for the country’s Import and Export fair will deliver the letter to the Chinese President himself.

Read parts of the letter:

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, 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.

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 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 level.

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.

Source: Vanguard

25 Comments

  1. Dolapo Adekoya

    April 15, 2016 at 11:05 am

    its amazing how hypocrites like you take advantage of the vulnerability of the people , frankly am appalled that we continue to allow the likes of him to come out and mislead us, the past administration almost crippled the economy, the man keeps trying to stabilize the economy he also has to deal with those who continue to sabotage his efforts and as if that is not enough the likes of you come on social media to criticize him, where were you when funds were being stolen, where were your theories then, we continue to see you decieve the common people in Ekiti state but very soon you will be exposed , Nigerians are not blind, it may be difficult now , but Nigerians are tough and we will get there ,the past administration who are supposed friends of yours , and put us here so please don’t blame Buhari for your mistake #all for you for change

    • Abi

      April 15, 2016 at 11:39 am

      Exactly my point. This guy called Fayose doesn’t know how reckless his actions and outbursts are especially in the international scene where Nigeria’s image is already in shambles. Too bad this kind of person is in government and even sadder he is a state governor.

  2. Cindy

    April 15, 2016 at 11:06 am

    Fayose please speak for yourself. What research did you carry out to know that all Nigerians are opposed to the loan??

  3. Dumebi

    April 15, 2016 at 11:25 am

    There’s a special jail for people like you who don’t know where to draw the line. ….

  4. Bk

    April 15, 2016 at 11:42 am

    This man call Fayose is really sick and need help. Most you always talk? This people are the one sucking Nigeria dry and now PMB is trying to help and here you come again with your noise. God will punish all of you seeking Nigerians follow. Everywhere you turn help shall be far away from you all. Idoits

  5. AANUOLUWAPO OYEDELE

    April 15, 2016 at 11:56 am

    this man just confirm his level of stupidity

  6. AANUOLUWAPO OYEDELE

    April 15, 2016 at 11:59 am

    this man just confirm his level of stupidity, stop disgracing ds nation pls

  7. FinchleysFinest

    April 15, 2016 at 12:13 pm

    Coming from a clueless governor with “Stomach Infrastructure” … This dude shouldn’t be allowed to rule a local council not to talk of a state or even have the power to write to China…

  8. mojisola

    April 15, 2016 at 12:27 pm

    CHAI FAYOSE IS SICK O I CANT BELIEVE THESE

  9. Ernie

    April 15, 2016 at 12:30 pm

    Before we criticize Fayose, please consider the following:
    1. Granted that two wrongs don’t make a right, Northern Governors wrote to western governments during Jonathans administration, alleging that he was the sponsor of Boko Haram
    odili.net/news/source/2014/mar/23/8.html.
    2. APC threatened and I believe they carried out that threat to report Jonathan and his wife to ICC premiumtimesng.com/news/more-news/178706-apc-threatens-to-report-jonathan-to-icc.html
    3. Foreign loan repayment burden impedes states’ allocationS. Fed Govt will first service these loans before sharing/allocating what remains to states. It does not matter whether the loans was used to sponsor APC campaign (i.e. as the party in power).

    Nigeria is a federating nations made up of states. If things work normally, states will have their own police and electoral bodies. The president does not have to dictate for any state or oversee anything. EFCC will be independent so will DSS as institutions of state. What we have at all levels are aberrations and celebration of impunity. Fayose is exercising his rights and mandate as a governor of a federating state. IGNORANCE of the law is the root cause of these misunderstandings.

  10. Mabinuori

    April 15, 2016 at 12:45 pm

    “Ekitians” are in trouble o. Real mess, one chance!!!!

  11. truth

    April 15, 2016 at 1:11 pm

    HATE FAYOSE OR LOVE HIM, HE SPOKE THE TRUTH. I think either Bella Naija or Vanguard purposely removed part of his statement as the full statement is on LIB. He didn’t only criticise the loan request but he only made very tangible suggestions. Have you asked questions to what projects the $6bn loan would finance? have you forgotten the budget is in deficit of 2trn naira yet capital expenditure is only 30 percent of the budget and even the budget is yet to take effect? LEAVE PARTISANSHIP AND MEDIA SENSATION: LET”S THINK ABOUT THIS. What about the trillions of naira purportedly recovered or to be recovered from corrupt officials? wHAT”S THE LOAN REPAYMENT method? These questions and many more we need to ask before attacking Fayose? Even Fayose is in China presently to speak with the Chinese government on FDI in Ekiti state and propose partnership with chinese investors and technical experts. There are other ways of seeking for help aside loans.

    • dare

      April 18, 2016 at 3:02 pm

      You may suggest the other kind of help

  12. Kemmie

    April 15, 2016 at 1:47 pm

    It is sad that someone like this man called Fayose is in charge of running a state. It is bad enough that he runs the affairs of Ekiti State like motor park politics. How on earth can a public office holder draws such conclusion without the availability of any fact to back it up. Did he commission any study to know the minds of Nigerians about any proposed loan?

    I think this is all a desperate attempt by this tout of a Governor to be in the National headlines all the time, but he needs to know where to draw the line.

  13. hezekina pollutina

    April 15, 2016 at 2:02 pm

    he’s bold and making sense.

  14. Somebody

    April 15, 2016 at 2:07 pm

    Somebody sent me this letter yesterday and i couldn’t believe it was this Governor i dislike that wrote it. Like {{{{OMG}}}} How can a clueless Governor suddenly have a clue? What Fayose wrote is absolutely the truth absolutely. Forget who wrote that letter and imagine it was someone like Wole Soyinka. The letter is the truth

    One thing that came to my mind after reading the letter was why not we partner with the Chinese Government to do the Rail way and then we pay little by little, Than giving us the cash and still get them to do it? Before Amaechi takes his cut, Buhari takes his cut and other thieves take their cut that $2billion would be almost finished. By the way They have been returning Abacha’s loot, they said Dubai would return loot as well, even the ones politicians have been returning is there. SO WHERE ARE ALL THE MONEY?

    I love the fact that BUHARI is in China but like Fayose stated it should be for technology not borrowing.

    My 2 cent 🙂

  15. Tolu

    April 15, 2016 at 2:48 pm

    It’s cool in a democratic system. Although I’m not Fayose’s fan but all the points he raised are so correct and asides, we need someone who is brave to boldly question Buhari’s self imposed economic policies, after all the minister of finance cannot even advice him.

    • amy

      April 15, 2016 at 3:31 pm

      Must he write to Chinese? Can’t he be talking as he has been talking?

  16. amy

    April 15, 2016 at 3:30 pm

    Awww, it is true that this man only want to deceive vulnerable Ekiti people, too bad, Nigeria is bigger than u Mr. Idiot. Disgrace u whole generation. Ur end is so near.

    • hezekina pollutina

      April 15, 2016 at 11:15 pm

      aww amy u sound hurt 🙁

  17. Sai sai

    April 15, 2016 at 3:52 pm

    Fayose is just asking for It,.is this not thesame man Aluko spoke about on channels TV about how they rigged election and embezzled funds?..it’s only in Nigeria a person can be accused of all manner of corruption and nothing will be done,for only speculations about offshore accounts in tax safe haven, politicians abroad are resigning because they know Justice will prevail..instead of him to concentrate on governing and leaving a good legacy, he is more of anti_buhari…Nobody made him a voice of the people.he might even be worse than the others he slanders daily..not everything is as it seems!

    • hezekina pollutina

      April 15, 2016 at 11:17 pm

      let him exercise his right to talk. he’s got big balls on him, everybody else is scared. let him speak. how does his speech affect you personally? are you sure he is 100% wrong? we all have the right to talk.

  18. Freeminds

    April 15, 2016 at 3:52 pm

    All of you condemning FAYOSE, don’t you think there is need for check and balances? What is wrong with asking your president to focus on stolen funds, retrieve them and use it to build whatever infrastructure that he intends? (After all , all he keeps talking about is eradicating corruption) Getting a loan is allowed but on what purpose? All the loan and grants given to his administration , what has been done with it so far?9It’s over a year)

    This FAYOSE guy is in the system and understands the game, His ears and eyes are wider than yours. This is his daily business compared to yours, so I believe he has a better understanding of what he is doing or saying. He may be controversial but has got guts to tell it as it is. (#PureTruth)

    No wonder Buhari couldn’t appear before Nigerians for a debate. Yet a leader who couldn’t lay his manifesto was voted in by some Nigerians ( Compare his qualifications (when i say qualification, I mean his ability to analyse properly and take rightful decisions) to that of other presidents of the world). Well, no need crying over spilled milk. We need brave men like FAYOSE, to make Buhari understand that Nigerians r watching and this is not a military regime.

    GOD BLESS YOU FAYOSE, if not for anything , give that Buhari of a guy a tough challenge! He is using tax payers money for tourism. Can you imagine going to one kiniko museum in China? na wetin them send you do? that alone should send a message!

  19. dare

    April 18, 2016 at 3:03 pm

    You may suggest….. we are all ears

  20. Eric Richie

    May 6, 2016 at 4:19 pm

    fayose is very right. Nigeria dont need loans cause i heard trillions are been recovered so whats the need for the loan?

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