QUESTIONS OVER $15 BILLION NIGERIA

QUESTIONS OVER $15 BILLION NIGERIA – INDIA DEAL

The Nigeria-India up-front oil payment deal which the Federal Government plans to tackle foreign Exchange Crisis in Nigeria has come under question mark. In justifying the deal, Minister of State for Petroleum Resources, Dr Ibe Kachikwu had stated that his intention to search for a market, particularly in Asia and other oil consuming nations was with a view to shoring up naira, while guaranteeing revenue to the Government. He said the success of the deal would also be a huge help for the Central Bank of Nigeria (CBN) to attract foreign inflows to support foreign exchange Market, including the pursuit of Naira-Yuan swap.

Nigeria’s external reserves is currently put at $23.9 billion and the Minister disclosed that with addition of $15 billion upfront payment for crude purchase, dollar earnings would be made available for Federal and State Governments to stabilize domestic fiscal condition and current account deficits.

However, the President of Non-Alignment Voice for Democracy, Malam Yakubu Isa warns against the deal insisting that Ibe Kachikwu has not taken into account the penchant by Nigerian officials especially Governors to spend lavishly. He said, “Nigerian Governors spend billions on toothpick, parties, naming ceremonies, wedding occasions, foreign trips and even more on birthday adverts and politicking, yet no trace”. Malam Isa asked, “What has happened to Stabilization fund, SURE-P, and Bailout funds? What about fuel subsidy and other palliatives?” He stated that the loans obtained by past and serving governors have all gone down the drain and despite several lucrative oil prices, Nigeria cannot save, yet they want to go for another $15 billion!

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