Skip to main content

QUESTIONS OVER $15 BILLION NIGERIA – INDIA DEAL


Image result for ibe kachikwuThe 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!

Comments

Post a Comment

Popular posts from this blog

2015 GENERAL ELECTIONS SHOCKING REVELATIONS ABOUT FUNDS DISBURSEMENT

How the administration of former President Goodluck Jonathan frittered away the nation’s scarce resources is beginning to spill out – despite the shrill insistence by ex-Finance Minister, Okonjo Iweala that the records sheet were clean! Information pieced together by our investigators show that several paramilitary Agencies under the Federal Ministry of Interior shared a record 10 billion each for the purpose of influencing the March 28 General Elections in favour of the defeated incumbent.   However, things did not go down well with the ranks and file during the sharing. Outgoing Nigeria Security and Civil Defence Boss (name withheld) was said to have misappropriated the huge booty by allegedly pocketing 5 billion for himself, while declaring the other half (5 billion) as the sum total.   The bone of contention was that while the rank and file received 40,000 each some key associates close to the big guns went home with a hefty slice.   Causing the rumble.
Post a Comment
Read more

OPEN LETTER TO HON. BABATUNDE FASHOLA

Permit me to go straight to the point.  All protocols observed Sir.  I note your massive achievement in your days as Governor of Lagos State.  And it is widely believed that your appointment as Minister of Works, Housing and Power would witness same admirable face-lift. As down to earth investigating Journalist, we travel a lot and wish to bring to your notice certain critical roads that need your urgent attention. One of them is the Lokoja-Okene highway.  Honorable Minister, the continued state of this road is a serious indictment and slap on the face of whoever is the Director of Federal Highways in your Ministry.  This major artery, as important as it is, has caused several unnecessary loss of lives.  There is simply no excuse for this road to remain in this dangerous state two years into the tenure of this administration.  What then differentiates the APC Government from the PDP, if not prompt attention to vital national assets? Seco...
Post a Comment
Read more

IRAN’S OBDURACY IN THE MIDDLE EAST

Iran’s revolutionary leaders appears bent on one course of action: Military confrontations! Where they are not combative enough, they are sponsoring rebellious groups, terrorists, especially the Middle East; it is doubtful if their television and radio stations broadcast any other message other than pouring invectives on Donald Trump or issuing annihilation threats to Israel.   The gulf channel has lately been added to their growing point of recalcitrance.     The government of Iran ought to do more on provision of social amenities, infrastructure, but the Ali Khameni group would only focus on assembling nuclear arsenals and only that.   The world is governed by laws but the Iranians resent this and seem to be more at home with crude tactics, guerilla warfare and testing missiles.   This is not the way to give the upcoming generation of Iranians a future to look up to.   They are in Syria, Lebanon and in Palestine struggling to equip Hama’s-- strangely ...
Post a Comment
Read more