Nigeria Is About To Join A Different Kind Of 30 Billion Gang.

December 2, 2019

And it’s not the gyrating, shouting nursery rhymes and snap chatting kind. 

… to understand that it is seeking approval from the senate to borrow $30 billion dollars to develop infrastructure in the country. This loan, if approved will:


Almost rival the country’s proposed 2020 budget, which stands at $34 billion.

Increase the country’s debt portfolio which stood at $24.947 billion in March.

Likely take up almost 80% of government’s revenue on debt servicing 

(Debt servicing being the amount of money spent on repaying the principal and interest on a loan for a period of time)


Piss members of the 8th Senate off.

The previous members of the Senate rejected the proposed loan way back in 2016, allegedly because it would have increased our external debt to over $52 billion.

Will this loan actually help or is someone about to get even richer?


And we can’t say for sure on which. 

I mean, this is the same country where 60% of a $1 billion loan from the Chinese government for rail projects was allegedly diverted. Then again, look at all the good roads, working public transportation system and representative healthcare available all around you! We really can’t tell.


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