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$29.9bn Loan: Presidency Replies Emir Sanusi



Garba Shehu, President Buhari's Spokespman

Garba Shehu, President Buhari’s Spokespman

The Presidency has said that the proposed external borrowing of $29.9 billion by the government is meant for the execution of developmental projects across the country.

Garba Shehu, the Senior Special Assistant on Media and Publicity to President Muhamadu Buhari, made this known in a statement issued in Abuja on Saturday night.

The Presidential aide was reacting to the Emir of Kano Muhammadu Sanusi’s position on the borrowing plans.

President Muhammadu Buhari had in October requested the National Assembly to approve a foreign loan of $29.9 billion to fund developmental projects across the country between 2016 and 2018.

However, the Emir on Friday, expressed his disapproval of the borrowing plans by the Buhari-led administration.

Sanusi, a former governor of the Central Bank of Nigeria (CBN), was speaking at a policy dialogue forum organised by Savannah Centre for Diplomacy, Democracy and Development in Abuja.

“I can tell you for free, if the Senate today approves that we can borrow $30 billion, honestly, no one will lend us. If it should be approved and I will like to see how you will go to the international market with an economy that has five exchange rates,” Sanusi was quoted as saying.

The Presidential spokesman, however, said: “With every respect to the Emir, you know he is my ruler because I come from Kano. He does not have his facts as far as those issues are concerned.”

According to him, the issue that government has overdrawn its Central Consolidated Account in CBN is true, but it is within limits.

“The overdraw does not exceed N1.5 trillion. It is incorrect to say, as he did that the account was overdrawn by N4.5 trillion,” he said.

On the Emir’s opposition on the loan, Shehu said that the Minister of Finance would respond appropriately.

“As a private citizen, I want to read his statement again. I thought that the borrowing is for projects that include the railway and electricity development in the country,” he added.


  1. FasholasLover

    December 4, 2016 at 12:34 pm

    You see this hausa\Northerners? If it were a southerner that said what Sanusi said, this useless Garba would have hauled all manner of expletives on him.

    • nnenne

      December 4, 2016 at 2:08 pm

      $Fasholaslover…..Welcome to the tribalistic state of Nigeria!!!!!

    • EE

      December 5, 2016 at 12:01 am

      “If” I had focused on football growing up, I’d be playing for the Super Eagles.

      If has a lot of uses, what matters is has useless Garba heaped expletives on a Southerner before? I don’t remember, help me maybe?

  2. WhatIThink

    December 4, 2016 at 2:13 pm

    rowing money is because the government can no longer steal profits generated from the sale of oil.

    The government isn’t broke. Not when senators, house reps, governors and their minions still get paid monthly.

    If Government wants to really serve OUR Country, they should all divest their salaries towards offsetting the loan THEY insist WE have to borrow and OUR CHILDREN have to pay for.

    This – they using their salaries to offset the proposed loan balance – won’t solve the problem. BUT it might just move us to consider the possibility that OUR GOVERNMENT might be acting in the best interest of Nigeria and her citizens.

    The real questions we Nigerians ought to ask ourselves and the government are: :
    – How does the government intend to ensure that we never find ourselves in this situation again? Because WE NEED TO DIVERSIFY OUR ECONOMY.
    – Why isn’t our government widening its economic focus?
    – What infrastructure projects do they want to borrow for?
    – How will these infrastructure projects PUT US ON THE PART TO A DIVERSIFIED ECONOMY?
    – What are the plans for the infrastructure projects?
    – Who will be building and overseeing these projects?
    – How do WE, the people, hold said people accountable?

    Personally, I don’t want to see anything about schools, roads, hospitals, etc. Do we need these things? Yes BUT the more urgent need is securing FOOD, WATER, AND ENERGY.

    Humans can survive without schools, roads, and hospitals. But we can’t survive without food, water, and energy.

    Once the government has taken care of this THEN we can focus on building roads, schools, and the rest.
    A hungry human cannot learn.
    A hungry human is more likely to die from a simple infection even when the right medication is available.
    A hungry human will SELL her liberty

    These backstabbers we call leaders know exactly how to keep their boots on the back on our necks:

    Deny them Food
    Deny them Energy (which we need to grow our business)
    Deny them Water

    These 3 things are in terrible shape in Nigeria. Climate Change is REAL. The rest of the world is preparing by securing rights to international waters, buying land in African countries, developing alternative energy sources. You know you are in hot soup when places like Vietnam, that was COMPLETELY DESTROYED by war (1954 – April 30, 1975), now HAS 24-hour electricity.

    The crash of oil prices is a blessing in disguise. Are we ready to seize it?

    Also Note: We the people have the right to revolt. Burn down their houses, kill them and their collaborators. We have the right to rid our lives of these leeches. But like I always say: Nigerians are not ready to earn their freedom.

  3. Rain

    December 4, 2016 at 2:35 pm

    The loan is a ploy to loot Nigeria and leave a massive debt on the younger generation. A clueless govt

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